CNA Financial Corporation

Supplemental Financial Information

December 31, 2021

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 and Quarterly Reports on Form 10-Q.

Table of Contents

	Page
Consolidated Results
Statements of Operations	1
Components of Income (Loss), Per Share Data and Return on Equity	2
Selected Balance Sheet Data and Statements of Cash Flows Data	3
Results of Operations
Property & Casualty	4
Specialty	5
Commercial	6
International	7
Life & Group	8
Corporate & Other	9
Investment Information
Investment Summary - Consolidated	10
Investment Summary - Property & Casualty and Corporate & Other	11
Investment Summary - Life & Group	12
Investments - Fixed Maturity Securities by Credit Rating	13
Components of Net Investment Income	14
Other
Claim & Claim Adjustment Expense Reserve Rollforward	15
Life & Group Policyholder Reserves	16
Definitions and Presentation	17

Statements of Operations

Periods ended December 31	Three Months						Twelve Months
(In millions)	2021		2020		Change		2021		2020		Change
Revenues:
Net earned premiums	$	2,119	$	1,977	7	%	$	8,175	$	7,649	7	%
Net investment income	551		555		(1)		2,159		1,935		12
Net investment gains (losses)	3		66				120		(54)
Non-insurance warranty revenue	376		326				1,430		1,252
Other revenues	5		7				24		26
Total revenues	3,054		2,931		4		11,908		10,808		10
Claims, Benefits and Expenses:
Insurance claims and policyholders' benefits	1,665		1,487				6,349		6,170
Amortization of deferred acquisition costs	359		364				1,443		1,410
Non-insurance warranty expense	355		300				1,328		1,159
Other operating expenses	317		274				1,191		1,126
Interest	28		28				113		122
Total claims, benefits and expenses	2,724		2,453		(11)		10,424		9,987		(4)
Income (loss) before income tax	330		478				1,484		821
Income tax (expense) benefit	(64)		(91)				(282)		(131)
Net income (loss)	$	266	$	387	(31)	%	$	1,202	$	690	74	%

1

Components of Income (Loss), Per Share Data and Return on Equity

Periods ended December 31	Three Months						Twelve Months
(In millions, except per share data)	2021			2020			2021			2020
Components of Income (Loss)
Core income (loss)	$	265		$	335		$	1,106		$	735
Net investment gains (losses)	1			52			96			(45)
Net income (loss)	$	266		$	387		$	1,202		$	690
Diluted Earnings (Loss) Per Common Share
Core income (loss)	$	0.97		$	1.23		$	4.06		$	2.70
Net investment gains (losses)	0.01			0.19			0.35			(0.17)
Diluted earnings (loss) per share	$	0.98		$	1.42		$	4.41		$	2.53
Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic	271.7			271.7			271.8			271.6
Diluted	272.9			272.6			272.8			272.4
Return on Equity
Net income (loss) (1)	8.4		%	12.5		%	9.5		%	5.5		%
Core income (loss) (2)	8.5			11.4			9.1			6.1

(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 Statements of Cash Flows Data

(In millions, except per share data)	December 31, 2021		December 31, 2020
Total investments	$	50,328	$	50,293
Reinsurance receivables, net of allowance for uncollectible receivables	5,463		4,457
Total assets	66,639		64,026
Insurance reserves	43,171		41,143
Debt	2,779		2,776
Total liabilities	53,830		51,319
Accumulated other comprehensive income (loss) (1)	320		803
Total stockholders' equity	12,809		12,707
Book value per common share	$	47.20	$	46.82
Book value per common share excluding AOCI	$	46.02	$	43.86
Outstanding shares of common stock (in millions of shares)	271.4		271.4
Statutory capital and surplus - Combined Continental Casualty Companies (2)	$	11,321	$	10,708

Three months ended December 31	2021		2020
Net cash flows provided (used) by operating activities	$	643	$	367
Net cash flows provided (used) by investing activities	(631)		(298)
Net cash flows provided (used) by financing activities	(103)		(101)
Net cash flows provided (used) by operating, investing and financing activities	$	(91)	$	(32)

Twelve months ended December 31	2021		2020
Net cash flows provided (used) by operating activities	$	1,997	$	1,775
Net cash flows provided (used) by investing activities	(1,228)		(705)
Net cash flows provided (used) by financing activities	(648)		(902)
Net cash flows provided (used) by operating, investing and financing activities	$	121	$	168

(1) As of December 31, 2021 and 2020, the net unrealized gains on investments included in AOCI were net of after-tax Shadow Adjustments of $2,477 million and $2,773 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 December 31, 2021 is preliminary.

3

Property & Casualty - Results of Operations

Periods ended December 31	Three Months								Twelve Months
(In millions)	2021			2020			Change		2021			2020			Change
Gross written premiums	$	3,515		$	3,143		12	%	$	13,407		$	12,399		8	%
Gross written premiums ex. 3rd party captives	2,513			2,169			16		9,303			8,422			10
Net written premiums	2,166			1,952			11		7,921			7,566			5
Net earned premiums	1,997			1,853			8		7,685			7,146			8
Net investment income	306			307					1,178			1,020
Non-insurance warranty revenue	376			326					1,430			1,252
Other revenues	5			7					24			26
Total operating revenues	2,684			2,493			8		10,317			9,444			9
Insurance claims and policyholders' benefits	1,239			1,134					5,001			4,817
Amortization of deferred acquisition costs	359			364					1,443			1,410
Non-insurance warranty expense	355			300					1,328			1,159
Other insurance related expenses	257			229					951			922
Other expenses	23			12					83			77
Total claims, benefits and expenses	2,233			2,039			(10)		8,806			8,385			(5)
Core income (loss) before income tax	451			454					1,511			1,059
Income tax (expense) benefit on core income (loss)	(98)			(96)					(327)			(219)
Core income (loss)	$	353		$	358		(1)	%	$	1,184		$	840		41	%
Other Performance Metrics
Underwriting gain (loss)	$	142		$	126		13	%	$	290		$	(3)		N/M	%
Loss & LAE ratio	61.8		%	61.2		%	(0.6)	pts	64.8		%	67.2		%	2.4	pts
Expense ratio	30.8			32.0			1.2		31.1			32.6			1.5
Dividend ratio	0.3			0.2			(0.1)		0.3			0.3			—
Combined ratio	92.9		%	93.4		%	0.5	pts	96.2		%	100.1		%	3.9	pts
Combined ratio excluding catastrophes and development	91.2		%	92.6		%	1.4	pts	91.4		%	93.1		%	1.7	pts
Net accident year catastrophe losses incurred	$	40		$	14				$	397		$	550
Effect on loss & LAE ratio	2.0		%	0.8		%	(1.2)	pts	5.1		%	7.7		%	2.6	pts
Net prior year development and other: (favorable) / unfavorable	$	(5)		$	5				$	(22)		$	(39)
Effect on loss & LAE ratio	(0.3)		%	—		%	0.3	pts	(0.3)		%	(0.7)		%	(0.4)	pts
Rate	8		%	13		%	(5)	pts	9		%	11		%	(2)	pts
Renewal premium change	10		%	12		%	(2)	pts	10		%	11		%	(1)	pts
Retention	83		%	85		%	(2)	pts	82		%	83		%	(1)	pts
New business	$	478		$	372		28	%	$	1,667		$	1,395		19	%

4

Specialty - Results of Operations

Periods ended December 31	Three Months								Twelve Months
(In millions)	2021			2020			Change		2021			2020			Change
Gross written premiums	$	2,015		$	1,849		9	%	$	7,665		$	7,180		7	%
Gross written premiums ex. 3rd party captives	1,016			883			15		3,672			3,296			11
Net written premiums	875			809			8		3,225			3,040			6
Net earned premiums	806			759			6		3,076			2,883			7
Net investment income	130			134					497			449
Non-insurance warranty revenue	376			326					1,430			1,252
Other revenues	—			—					1			1
Total operating revenues	1,312			1,219			8		5,004			4,585			9
Insurance claims and policyholders' benefits	476			447					1,790			1,795
Amortization of deferred acquisition costs	165			159					643			621
Non-insurance warranty expense	355			300					1,328			1,159
Other insurance related expenses	84			72					296			280
Other expenses	11			13					47			50
Total claims, benefits and expenses	1,091			991			(10)		4,104			3,905			(5)
Core income (loss) before income tax	221			228					900			680
Income tax (expense) benefit on core income (loss)	(48)			(47)					(196)			(145)
Core income (loss)	$	173		$	181		(4)	%	$	704		$	535		32	%
Other Performance Metrics
Underwriting gain (loss)	$	81		$	81		—	%	$	347		$	187		86	%
Loss & LAE ratio	58.9		%	58.8		%	(0.1)	pts	58.1		%	62.1		%	4.0	pts
Expense ratio	30.9			30.4			(0.5)		30.5			31.3			0.8
Dividend ratio	0.1			0.2			0.1		0.1			0.1			—
Combined ratio	89.9		%	89.4		%	(0.5)	pts	88.7		%	93.5		%	4.8	pts
Combined ratio excluding catastrophes and development	90.1		%	90.6		%	0.5	pts	89.7		%	91.3		%	1.6	pts
Net accident year catastrophe losses incurred	$	3		$	5				$	12		$	125
Effect on loss & LAE ratio	0.4		%	0.7		%	0.3	pts	0.4		%	4.3		%	3.9	pts
Net prior year development and other: (favorable) / unfavorable	$	(5)		$	(14)				$	(43)		$	(59)
Effect on loss & LAE ratio	(0.6)		%	(1.9)		%	(1.3)	pts	(1.4)		%	(2.1)		%	(0.7)	pts
Rate	11		%	13		%	(2)	pts	11		%	12		%	(1)	pts
Renewal premium change	11		%	14		%	(3)	pts	11		%	13		%	(2)	pts
Retention	83		%	87		%	(4)	pts	83		%	86		%	(3)	pts
New business	$	180		$	114		58	%	$	551		$	389		42	%

5

Commercial - Results of Operations

Periods ended December 31	Three Months								Twelve Months
(In millions)	2021			2020			Change		2021			2020			Change
Gross written premiums	$	1,161		$	983		18	%	$	4,445		$	4,086		9	%
Gross written premiums ex. 3rd party captives	1,158			975			19		4,334			3,993			9
Net written premiums	973			862			13		3,595			3,565			1
Net earned premiums	923			853			8		3,552			3,323			7
Net investment income	161			159					624			513
Other revenues	6			7					23			25
Total operating revenues	1,090			1,019			7		4,199			3,861			9
Insurance claims and policyholders' benefits	596			538					2,559			2,393
Amortization of deferred acquisition costs	145			151					594			592
Other insurance related expenses	135			127					511			506
Other expenses	10			9					38			34
Total claims, benefits and expenses	886			825			(7)		3,702			3,525			(5)
Core income (loss) before income tax	204			194					497			336
Income tax (expense) benefit on core income (loss)	(43)			(40)					(103)			(69)
Core income (loss)	$	161		$	154		5	%	$	394		$	267		48	%
Other Performance Metrics
Underwriting gain (loss)	$	47		$	37		27	%	$	(112)		$	(168)		33	%
Loss & LAE ratio	64.1		%	62.9		%	(1.2)	pts	71.5		%	71.6		%	0.1	pts
Expense ratio	30.4			32.7			2.3		31.1			33.0			1.9
Dividend ratio	0.4			0.2			(0.2)		0.5			0.5			—
Combined ratio	94.9		%	95.8		%	0.9	pts	103.1		%	105.1		%	2.0	pts
Combined ratio excluding catastrophes and development	92.2		%	93.6		%	1.4	pts	92.6		%	93.9		%	1.3	pts
Net accident year catastrophe losses incurred	$	26		$	4				$	358		$	358
Effect on loss & LAE ratio	2.9		%	0.5		%	(2.4)	pts	10.0		%	10.7		%	0.7	pts
Net prior year development and other: (favorable) / unfavorable	$	—		$	19				$	19		$	23
Effect on loss & LAE ratio	(0.2)		%	1.7		%	1.9	pts	0.5		%	0.5		%	—	pts
Rate	5		%	10		%	(5)	pts	7		%	10		%	(3)	pts
Renewal premium change	8		%	10		%	(2)	pts	8		%	10		%	(2)	pts
Retention	84		%	84		%	—	pts	82		%	84		%	(2)	pts
New business	$	228		$	197		16	%	$	843		$	761		11	%

6

International - Results of Operations

Periods ended December 31	Three Months								Twelve Months
(In millions)	2021			2020			Change		2021			2020			Change
Gross written premiums	$	339		$	311		9	%	$	1,297		$	1,133		14	%
Net written premiums	318			281			13		1,101			961			15
Net earned premiums	268			241			11		1,057			940			12
Net investment income	15			14					57			58
Other revenues	(1)			—					—			—
Total operating revenues	282			255			11		1,114			998			12
Insurance claims and policyholders' benefits	167			149					652			629
Amortization of deferred acquisition costs	49			54					206			197
Other insurance related expenses	38			30					144			136
Other expenses	2			(10)					(2)			(7)
Total claims, benefits and expenses	256			223			(15)		1,000			955			(5)
Core income (loss) before income tax	26			32					114			43
Income tax (expense) benefit on core income (loss)	(7)			(9)					(28)			(5)
Core income (loss)	$	19		$	23		(17)	%	$	86		$	38		126	%
Other Performance Metrics
Underwriting gain (loss)	$	14		$	8		75	%	$	55		$	(22)		N/M	%
Loss & LAE ratio	62.4		%	61.9		%	(0.5)	pts	61.7		%	66.9		%	5.2	pts
Expense ratio	32.4			35.0			2.6		33.1			35.5			2.4
Dividend ratio	—			—			—		—			—			—
Combined ratio	94.8		%	96.9		%	2.1	pts	94.8		%	102.4		%	7.6	pts
Combined ratio excluding catastrophes and development	90.9		%	95.1		%	4.2	pts	92.1		%	95.6		%	3.5	pts
Net accident year catastrophe losses incurred	$	11		$	5				$	27		$	67
Effect on loss & LAE ratio	4.1		%	2.1		%	(2.0)	pts	2.6		%	7.1		%	4.5	pts
Net prior year development and other: (favorable) / unfavorable	$	—		$	—				$	2		$	(3)
Effect on loss & LAE ratio	(0.2)		%	(0.3)		%	(0.1)	pts	0.1		%	(0.3)		%	(0.4)	pts
Rate	13		%	18		%	(5)	pts	13		%	14		%	(1)	pts
Renewal premium change	14		%	16		%	(2)	pts	13		%	12		%	1	pts
Retention	82		%	81		%	1	pts	78		%	73		%	5	pts
New business	$	70		$	61		15	%	$	274		$	245		12	%

7

Life & Group - Results of Operations

Periods ended December 31	Three Months				Twelve Months
(In millions)	2021		2020		2021		2020
Net earned premiums	$	122	$	124	$	491	$	504
Net investment income	242		229		966		851
Other revenues	1		—		—		—
Total operating revenues	365		353		1,457		1,355
Insurance claims and policyholders' benefits	340		303		1,239		1,286
Other insurance related expenses	26		30		103		109
Other expenses	5		1		10		7
Total claims, benefits and expenses	371		334		1,352		1,402
Core income (loss) before income tax	(6)		19		105		(47)
Income tax (expense) benefit on core income (loss)	12		7		21		56
Core income (loss)	$	6	$	26	$	126	$	9

8

Corporate & Other - Results of Operations

Periods ended December 31	Three Months				Twelve Months
(In millions)	2021		2020		2021		2020
Net earned premiums	$	—	$	—	$	(1)	$	(1)
Net investment income	3		19		15		64
Other revenues	(1)		—		—		—
Total operating revenues	2		19		14		63
Insurance claims and policyholders' benefits	86		50		109		67
Other insurance related expenses	—		—		8		(3)
Other expenses	34		30		149		136
Total claims, benefits and expenses	120		80		266		200
Core income (loss) before income tax	(118)		(61)		(252)		(137)
Income tax (expense) benefit on core income (loss)	24		12		48		23
Core income (loss)	$	(94)	$	(49)	$	(204)	$	(114)

9

Investment Summary - Consolidated

	December 31, 2021				September 30, 2021				December 31, 2020
(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	$	24,139	$	2,699	$	24,532	$	2,925	$	24,352	$	3,556
States, municipalities and political subdivisions:
Tax-exempt	7,781		1,119		7,953		1,117		8,499		1,311
Taxable	4,162		466		4,026		478		3,093		552
Total states, municipalities and political subdivisions	11,943		1,585		11,979		1,595		11,592		1,863
Asset-backed:
RMBS	2,956		63		3,259		83		3,587		145
CMBS	2,031		44		2,116		69		1,967		51
Other ABS	2,598		44		2,497		72		2,251		72
Total asset-backed	7,585		151		7,872		224		7,805		268
U.S. Treasury and obligations of government-sponsored enterprises	130		(2)		136		(3)		338		(1)
Foreign government	583		13		538		17		544		32
Redeemable preferred stock	—		—		12		—		—		—
Total fixed maturity securities	44,380		4,446		45,069		4,758		44,631		5,718
Equities:
Common stock	233		—		228		—		195		—
Non-redeemable preferred stock	802		—		817		—		797		—
Total equities	1,035		—		1,045		—		992		—
Limited partnership investments	1,859		—		1,874		—		1,619		—
Other invested assets	91		—		82		—		76		—
Mortgage loans	973		—		1,031		—		1,068		—
Short term investments	1,990		—		1,135		1		1,907		—
Total investments	$	50,328	$	4,446	$	50,236	$	4,759	$	50,293	$	5,718
Net receivable/(payable) on investment activity	$	201			$	(70)			$	22
Effective duration (in years)	6.6				6.7				6.3
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

	December 31, 2021				September 30, 2021				December 31, 2020
(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	$	14,897	$	713	$	15,377	$	924	$	15,560	$	1,348
States, municipalities and political subdivisions:
Tax-exempt	1,604		92		1,625		83		1,711		114
Taxable	2,369		69		2,225		73		1,286		110
Total states, municipalities and political subdivisions	3,973		161		3,850		156		2,997		224
Asset-backed:
RMBS	2,899		60		3,198		80		3,507		140
CMBS	1,955		42		2,013		66		1,879		46
Other ABS	2,326		31		2,259		55		2,056		52
Total asset-backed	7,180		133		7,470		201		7,442		238
U.S. Treasury and obligations of government-sponsored enterprises	109		(2)		116		(2)		327		(1)
Foreign government	545		11		510		16		529		29
Redeemable preferred stock	—		—		12		—		—		—
Total fixed maturity securities	26,704		1,016		27,335		1,295		26,855		1,838
Equities:
Common stock	233		—		228		—		195		—
Non-redeemable preferred stock	179		—		179		—		202		—
Total equities	412		—		407		—		397		—
Limited partnership investments	1,029		—		1,037		—		896		—
Other invested assets	91		—		82		—		76		—
Mortgage loans	741		—		785		—		782		—
Short term investments	1,887		—		1,112		1		1,772		—
Total investments	$	30,864	$	1,016	$	30,758	$	1,296	$	30,778	$	1,838
Net receivable/(payable) on investment activity	$	145			$	(106)			$	10
Effective duration (in years)	4.9				5.1				4.5
Weighted average rating	A				A-				A

11

Investment Summary - Life & Group

	December 31, 2021				September 30, 2021				December 31, 2020
(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	$	9,242	$	1,986	$	9,155	$	2,001	$	8,792	$	2,208
States, municipalities and political subdivisions:
Tax-exempt	6,177		1,027		6,328		1,034		6,788		1,197
Taxable	1,793		397		1,801		405		1,807		442
Total states, municipalities and political subdivisions	7,970		1,424		8,129		1,439		8,595		1,639
Asset-backed:
RMBS	57		3		61		3		80		5
CMBS	76		2		103		3		88		5
Other ABS	272		13		238		17		195		20
Total asset-backed	405		18		402		23		363		30
U.S. Treasury and obligations of government-sponsored enterprises	21		—		20		(1)		11		—
Foreign government	38		2		28		1		15		3
Redeemable preferred stock	—		—		—		—		—		—
Total fixed maturity securities	17,676		3,430		17,734		3,463		17,776		3,880
Equities:
Common stock	—		—		—		—		—		—
Non-redeemable preferred stock	623		—		638		—		595		—
Total equities	623		—		638		—		595		—
Limited partnership investments	830		—		837		—		723		—
Other invested assets	—		—		—		—		—		—
Mortgage loans	232		—		246		—		286		—
Short term investments	103		—		23		—		135		—
Total investments	$	19,464	$	3,430	$	19,478	$	3,463	$	19,515	$	3,880
Net receivable/(payable) on investment activity	$	56			$	36			$	12
Effective duration (in years)	9.2				9.3				9.2
Weighted average rating	A				A				A

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Investments - Fixed Maturity Securities by Credit Rating

December 31, 2021	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	$	—		$	—	$	32		$	—	$	481		$	43	$	5,414		$	624	$	16,254		$	1,953	$	1,958		$	79	$	24,139		$	2,699
States, municipalities and political subdivisions	—			—		2,870			345		5,920			742		2,606			441		534			56		13			1		11,943			1,585
Asset-backed:
RMBS	2,468			44		309			(2)		8			—		22			2		26			4		123			15		2,956			63
CMBS	2			—		328			14		830			32		279			4		430			(4)		162			(2)		2,031			44
Other ABS	—			—		86			—		146			1		1,077			12		1,183			33		106			(2)		2,598			44
Total asset-backed	2,470			44		723			12		984			33		1,378			18		1,639			33		391			11		7,585			151
U.S. Treasury and obligations of government-sponsored enterprises	130			(2)		—			—		—			—		—			—		—			—		—			—		130			(2)
Foreign government	—			—		159			3		280			5		113			4		31			1		—			—		583			13
Redeemable preferred stock	—			—		—			—		—			—		—			—		—			—		—			—		—			—
Total fixed maturity securities	$	2,600		$	42	$	3,784		$	360	$	7,665		$	823	$	9,511		$	1,087	$	18,458		$	2,043	$	2,362		$	91	$	44,380		$	4,446
Percentage of total fixed maturity securities	6		%			9		%			17		%			21		%			42		%			5		%			100		%

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Components of Net Investment Income

	Consolidated
Periods ended December 31	Three Months						Twelve Months
(In millions)	2021			2020			2021			2020
Taxable fixed income securities	$	364		$	357		$	1,439		$	1,451
Tax-exempt fixed income securities	75			81			311			319
Total fixed income securities	439			438			1,750			1,770
Limited partnership and common stock investments	108			114			402			144
Other, net of investment expense	4			3			7			21
Net investment income	$	551		$	555		$	2,159		$	1,935
Effective income yield for fixed income securities portfolio	4.3		%	4.4		%	4.3		%	4.5		%
Limited partnership and common stock return	5.1			6.5			22.3			8.3

	Property & Casualty and Corporate & Other
Periods ended December 31	Three Months						Twelve Months
(In millions)	2021			2020			2021			2020
Taxable fixed income securities	$	226		$	221		$	892		$	904
Tax-exempt fixed income securities	11			12			48			34
Total fixed income securities	237			233			940			938
Limited partnership and common stock investments	68			89			240			119
Other, net of investment expense	4			4			13			27
Net investment income	$	309		$	326		$	1,193		$	1,084
Effective income yield for fixed income securities portfolio	3.6		%	3.7		%	3.7		%	3.9		%

	Life & Group
Periods ended December 31	Three Months						Twelve Months
(In millions)	2021			2020			2021			2020
Taxable fixed income securities	$	138		$	136		$	547		$	547
Tax-exempt fixed income securities	64			69			263			285
Total fixed income securities	202			205			810			832
Limited partnership and common stock investments	40			25			162			25
Other, net of investment expense	—			(1)			(6)			(6)
Net investment income	$	242		$	229		$	966		$	851
Effective income yield for fixed income securities portfolio	5.4		%	5.5		%	5.5		%	5.6		%

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Claim & Claim Adjustment Expense Reserve Rollforward

Three months ended December 31, 2021 (In millions)	Specialty		Commercial		International		P&C Operations		Life & Group		Corporate & Other		Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross	$	6,293	$	8,856	$	2,251	$	17,400	$	3,703	$	2,729	$	23,832
Ceded	1,091		843		331		2,265		121		2,450		4,836
Net	5,202		8,013		1,920		15,135		3,582		279		18,996
Net incurred claim & claim adjustment expenses	475		592		167		1,234		300		25		1,559
Net claim & claim adjustment expense payments	(412)		(540)		(142)		(1,094)		(237)		(10)		(1,341)
Foreign currency translation adjustment and other	—		—		(5)		(5)		(4)		—		(9)
Claim & claim adjustment expense reserves, end of period
Net	5,265		8,065		1,940		15,270		3,641		294		19,205
Ceded	1,168		825		340		2,333		113		2,523		4,969
Gross	$	6,433	$	8,890	$	2,280	$	17,603	$	3,754	$	2,817	$	24,174

Twelve months ended December 31, 2021 (In millions)	Specialty		Commercial		International		P&C Operations		Life & Group		Corporate & Other		Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross	$	5,748	$	8,250	$	2,091	$	16,089	$	3,743	$	2,874	$	22,706
Ceded	850		775		269		1,894		128		1,983		4,005
Net	4,898		7,475		1,822		14,195		3,615		891		18,701
Net incurred claim & claim adjustment expenses	1,787		2,540		652		4,979		990		71		6,040
Net claim & claim adjustment expense payments	(1,420)		(1,950)		(492)		(3,862)		(946)		(36)		(4,844)
Reduction of net reserves due to Enstar Loss Portfolio Transfer	—		—		—		—		—		(632)		(632)
Foreign currency translation adjustment and other	—		—		(42)		(42)		(18)		—		(60)
Claim & claim adjustment expense reserves, end of period
Net	5,265		8,065		1,940		15,270		3,641		294		19,205
Ceded	1,168		825		340		2,333		113		2,523		4,969
Gross	$	6,433	$	8,890	$	2,280	$	17,603	$	3,754	$	2,817	$	24,174

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Life & Group Policyholder Reserves

December 31, 2021
(In millions)	Claim and claim adjustment expenses		Future policy benefits		Total
Long term care	$	2,905	$	10,012	$	12,917
Structured settlement annuities and other	536		—		536
Total	3,441		10,012		13,453
Shadow adjustments	200		2,936		3,136
Ceded reserves	113		288		401
Total gross reserves	$	3,754	$	13,236	16,990

December 31, 2020
(In millions)	Claim and claim adjustment expenses		Future policy benefits		Total
Long term care	$	2,844	$	9,762	$	12,606
Structured settlement annuities and other	553		—		553
Total	3,397		9,762		13,159
Shadow adjustments	218		3,293		3,511
Ceded reserves	128		263		391
Total gross reserves	$	3,743	$	13,318	$	17,061

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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, 2021 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.

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•Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and any cumulative effects of changes in accounting guidance. 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 reflective of our primary 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.

•Gross written premiums ex. 3rd party captives represents gross written premiums excluding business which is ceded to third party captives, including business related to large warranty programs.

•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

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