CNA Financial Corporation

Supplemental Financial Information

December 31, 2022

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
Net Investment Gains (Losses)	15
Other
Claim & Claim Adjustment Expense Reserve Rollforward	16
Life & Group Policyholder Reserves	17
Definitions and Presentation	18

Statements of Operations

Periods ended December 31	Three Months						Twelve Months
(In millions)	2022		2021		Change		2022		2021		Change
Revenues:
Net earned premiums	$	2,232	$	2,119	5	%	$	8,667	$	8,175	6	%
Net investment income	503		551		(9)		1,805		2,159		(16)
Net investment gains (losses)	(33)		3				(199)		120
Non-insurance warranty revenue	401		376				1,574		1,430
Other revenues	8		5				32		24
Total revenues	3,111		3,054		2		11,879		11,908		—
Claims, Benefits and Expenses:
Insurance claims and policyholders' benefits	1,683		1,665				6,386		6,349
Amortization of deferred acquisition costs	389		359				1,490		1,443
Non-insurance warranty expense	379		355				1,471		1,328
Other operating expenses	338		317				1,339		1,191
Interest	28		28				112		113
Total claims, benefits and expenses	2,817		2,724		(3)		10,798		10,424		(4)
Income (loss) before income tax	294		330				1,081		1,484
Income tax (expense) benefit	(46)		(64)				(187)		(282)
Net income (loss)	$	248	$	266	(7)	%	$	894	$	1,202	(26)	%

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)	2022			2021			2022			2021
Components of Income (Loss)
Core income (loss)	$	274		$	265		$	1,048		$	1,106
Net investment gains (losses)	(26)			1			(154)			96
Net income (loss)	$	248		$	266		$	894		$	1,202
Diluted Earnings (Loss) Per Common Share
Core income (loss)	$	1.01		$	0.97		$	3.84		$	4.06
Net investment gains (losses)	(0.10)			0.01			(0.56)			0.35
Diluted earnings (loss) per share	$	0.91		$	0.98		$	3.28		$	4.41
Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic	271.3			271.7			271.6			271.8
Diluted	272.3			272.9			272.5			272.8
Return on Equity
Net income (loss) (1)	11.7		%	8.4		%	8.3		%	9.5		%
Core income (loss) (2)	8.9			8.5			8.4			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 Statements of Cash Flows Data

(In millions, except per share data)	December 31, 2022		December 31, 2021
Total investments	$	43,177	$	50,328
Reinsurance receivables, net of allowance for uncollectible receivables	5,416		5,463
Total assets	60,927		66,639
Insurance reserves	41,624		43,171
Debt	2,781		2,779
Total liabilities	52,102		53,830
Accumulated other comprehensive income (loss) (1)	(3,557)		320
Total stockholders' equity	8,825		12,809
Book value per common share	$	32.58	$	47.20
Book value per common share excluding AOCI	$	45.71	$	46.02
Outstanding shares of common stock (in millions of shares)	270.9		271.4
Statutory capital and surplus - Combined Continental Casualty Companies (2)	$	10,572	$	11,321

Three Months Ended December 31	2022		2021
Net cash flows provided (used) by operating activities	$	512	$	643
Net cash flows provided (used) by investing activities	(440)		(631)
Net cash flows provided (used) by financing activities	(108)		(103)
Net cash flows provided (used) by operating, investing and financing activities	$	(36)	$	(91)

Twelve Months Ended December 31	2022		2021
Net cash flows provided (used) by operating activities	$	2,502	$	1,997
Net cash flows provided (used) by investing activities	(1,512)		(1,228)
Net cash flows provided (used) by financing activities	(1,032)		(648)
Net cash flows provided (used) by operating, investing and financing activities	$	(42)	$	121

(1) As of December 31, 2022 and 2021, the net unrealized gains on investments included in AOCI were net of after-tax Shadow Adjustments of $61 million and $2,477 million. To the extent that unrealized gains on fixed maturity securities supporting long term care reserves would result in a premium deficiency if realized, a related increase in Insurance reserves is recorded, net of tax, as a reduction of net unrealized gains (losses), through Other comprehensive income (loss). To the extent that unrealized gains or losses on fixed maturity securities supporting structured settlements not funded by annuities would impact the reserve balance if realized, a related increase or decrease in Insurance reserves is recorded, net of tax, as a reduction or increase of net unrealized gains (losses), through Other comprehensive income (Shadow Adjustments).

(2) Statutory capital and surplus as of December 31, 2022 is preliminary.

3

Property & Casualty - Results of Operations

Periods ended December 31	Three Months								Twelve Months
(In millions)	2022			2021			Change		2022			2021			Change
Gross written premiums	$	3,581		$	3,515		2	%	$	14,078		$	13,407		5	%
Gross written premiums ex. 3rd party captives	2,704			2,513			8		10,264			9,303			10
Net written premiums	2,284			2,166			5		8,663			7,921			9
Net earned premiums	2,116			1,997			6		8,196			7,685			7
Net investment income	290			306			(5)		982			1,178			(17)
Non-insurance warranty revenue	401			376					1,574			1,430
Other revenues	7			5					32			24
Total operating revenues	2,814			2,684			5		10,784			10,317			5
Insurance claims and policyholders' benefits	1,325			1,239					5,108			5,001
Amortization of deferred acquisition costs	389			359					1,490			1,443
Non-insurance warranty expense	379			355					1,471			1,328
Other insurance related expenses	268			257					1,039			951
Other expenses	27			23					113			83
Total claims, benefits and expenses	2,388			2,233			(7)		9,221			8,806			(5)
Core income (loss) before income tax	426			451					1,563			1,511
Income tax (expense) benefit on core income (loss)	(84)			(98)					(323)			(327)
Core income (loss)	$	342		$	353		(3)	%	$	1,240		$	1,184		5	%
Other Performance Metrics
Underwriting gain (loss)	$	134		$	142		(6)	%	$	559		$	290		93	%
Loss & LAE ratio	62.4		%	61.8		%	(0.6)	pts	62.0		%	64.8		%	2.8	pts
Expense ratio	31.1			30.8			(0.3)		30.9			31.1			0.2
Dividend ratio	0.2			0.3			0.1		0.3			0.3			—
Combined ratio	93.7		%	92.9		%	(0.8)	pts	93.2		%	96.2		%	3.0	pts
Combined ratio excluding catastrophes and development	91.2		%	91.2		%	—	pts	91.2		%	91.4		%	0.2	pts
Net accident year catastrophe losses incurred	$	76		$	40				$	247		$	397
Effect on loss & LAE ratio	3.6		%	2.0		%	(1.6)	pts	3.0		%	5.1		%	2.1	pts
Net prior year development and other: (favorable) / unfavorable	$	(20)		$	(5)				$	(76)		$	(22)
Effect on loss & LAE ratio	(1.1)		%	(0.3)		%	0.8	pts	(1.0)		%	(0.3)		%	0.7	pts
Rate	4		%	9		%	(5)	pts	5		%	9		%	(4)	pts
Renewal premium change	7		%	11		%	(4)	pts	8		%	12		%	(4)	pts
Retention	86		%	83		%	3	pts	86		%	82		%	4	pts
New business	$	470		$	478		(2)	%	$	1,876		$	1,667		13	%

4

Specialty - Results of Operations

Periods ended December 31	Three Months								Twelve Months
(In millions)	2022			2021			Change		2022			2021			Change
Gross written premiums	$	1,874		$	2,015		(7)	%	$	7,514		$	7,665		(2)	%
Gross written premiums ex. 3rd party captives	998			1,016			(2)		3,814			3,672			4
Net written premiums	863			875			(1)		3,306			3,225			3
Net earned premiums	827			806			3		3,203			3,076			4
Net investment income	126			130			(3)		431			497			(13)
Non-insurance warranty revenue	401			376					1,574			1,430
Other revenues	1			—					1			1
Total operating revenues	1,355			1,312			3		5,209			5,004			4
Insurance claims and policyholders' benefits	480			476					1,845			1,790
Amortization of deferred acquisition costs	168			165					656			643
Non-insurance warranty expense	379			355					1,471			1,328
Other insurance related expenses	86			84					336			296
Other expenses	11			11					51			47
Total claims, benefits and expenses	1,124			1,091			(3)		4,359			4,104			(6)
Core income (loss) before income tax	231			221					850			900
Income tax (expense) benefit on core income (loss)	(48)			(48)					(182)			(196)
Core income (loss)	$	183		$	173		6	%	$	668		$	704		(5)	%
Other Performance Metrics
Underwriting gain (loss)	$	93		$	81		15	%	$	366		$	347		5	%
Loss & LAE ratio	57.8		%	58.9		%	1.1	pts	57.4		%	58.1		%	0.7	pts
Expense ratio	30.8			30.9			0.1		31.0			30.5			(0.5)
Dividend ratio	0.2			0.1			(0.1)		0.2			0.1			(0.1)
Combined ratio	88.8		%	89.9		%	1.1	pts	88.6		%	88.7		%	0.1	pts
Combined ratio excluding catastrophes and development	89.4		%	90.1		%	0.7	pts	89.8		%	89.7		%	(0.1)	pts
Net accident year catastrophe losses incurred	$	—		$	3				$	2		$	12
Effect on loss & LAE ratio	—		%	0.4		%	0.4	pts	0.1		%	0.4		%	0.3	pts
Net prior year development and other: (favorable) / unfavorable	$	(5)		$	(5)				$	(40)		$	(43)
Effect on loss & LAE ratio	(0.6)		%	(0.6)		%	—	pts	(1.3)		%	(1.4)		%	(0.1)	pts
Rate	3		%	12		%	(9)	pts	6		%	11		%	(5)	pts
Renewal premium change	3		%	13		%	(10)	pts	7		%	12		%	(5)	pts
Retention	88		%	83		%	5	pts	86		%	83		%	3	pts
New business	$	141		$	180		(22)	%	$	548		$	551		(1)	%

5

Commercial - Results of Operations

Periods ended December 31	Three Months								Twelve Months
(In millions)	2022			2021			Change		2022			2021			Change
Gross written premiums	$	1,346		$	1,161		16	%	$	5,170		$	4,445		16	%
Gross written premiums ex. 3rd party captives	1,345			1,158			16		5,056			4,334			17
Net written premiums	1,096			973			13		4,193			3,595			17
Net earned premiums	1,022			923			11		3,923			3,552			10
Net investment income	145			161			(10)		488			624			(22)
Other revenues	5			6					30			23
Total operating revenues	1,172			1,090			8		4,441			4,199			6
Insurance claims and policyholders' benefits	695			596					2,626			2,559
Amortization of deferred acquisition costs	167			145					634			594
Other insurance related expenses	148			135					557			511
Other expenses	15			10					36			38
Total claims, benefits and expenses	1,025			886			(16)		3,853			3,702			(4)
Core income (loss) before income tax	147			204					588			497
Income tax (expense) benefit on core income (loss)	(31)			(43)					(122)			(103)
Core income (loss)	$	116		$	161		(28)	%	$	466		$	394		18	%
Other Performance Metrics
Underwriting gain (loss)	$	12		$	47		(74)	%	$	106		$	(112)		195	%
Loss & LAE ratio	67.8		%	64.1		%	(3.7)	pts	66.4		%	71.5		%	5.1	pts
Expense ratio	30.8			30.4			(0.4)		30.4			31.1			0.7
Dividend ratio	0.4			0.4			—		0.5			0.5			—
Combined ratio	99.0		%	94.9		%	(4.1)	pts	97.3		%	103.1		%	5.8	pts
Combined ratio excluding catastrophes and development	92.7		%	92.2		%	(0.5)	pts	92.4		%	92.6		%	0.2	pts
Net accident year catastrophe losses incurred	$	74		$	26				$	222		$	358
Effect on loss & LAE ratio	7.2		%	2.9		%	(4.3)	pts	5.6		%	10.0		%	4.4	pts
Net prior year development and other: (favorable) / unfavorable	$	(7)		$	—				$	(23)		$	19
Effect on loss & LAE ratio	(0.9)		%	(0.2)		%	0.7	pts	(0.7)		%	0.5		%	1.2	pts
Rate	5		%	6		%	(1)	pts	5		%	7		%	(2)	pts
Renewal premium change	9		%	8		%	1	pts	8		%	11		%	(3)	pts
Retention	86		%	83		%	3	pts	86		%	82		%	4	pts
New business	$	255		$	228		12	%	$	1,009		$	843		20	%

6

International - Results of Operations

Periods ended December 31	Three Months								Twelve Months
(In millions)	2022			2021			Change		2022			2021			Change
Gross written premiums	$	361		$	339		6	%	$	1,394		$	1,297		7	%
Net written premiums	325			318			2		1,164			1,101			6
Net earned premiums	267			268			—		1,070			1,057			1
Net investment income	19			15			27		63			57			11
Other revenues	1			(1)					1			—
Total operating revenues	287			282			2		1,134			1,114			2
Insurance claims and policyholders' benefits	150			167					637			652
Amortization of deferred acquisition costs	54			49					200			206
Other insurance related expenses	34			38					146			144
Other expenses	1			2					26			(2)
Total claims, benefits and expenses	239			256			7		1,009			1,000			(1)
Core income (loss) before income tax	48			26					125			114
Income tax (expense) benefit on core income (loss)	(5)			(7)					(19)			(28)
Core income (loss)	$	43		$	19		126	%	$	106		$	86		23	%
Other Performance Metrics
Underwriting gain (loss)	$	29		$	14		107	%	$	87		$	55		58	%
Loss & LAE ratio	56.0		%	62.4		%	6.4	pts	59.5		%	61.7		%	2.2	pts
Expense ratio	32.9			32.4			(0.5)		32.3			33.1			0.8
Dividend ratio	—			—			—		—			—			—
Combined ratio	88.9		%	94.8		%	5.9	pts	91.8		%	94.8		%	3.0	pts
Combined ratio excluding catastrophes and development	91.0		%	90.9		%	(0.1)	pts	90.8		%	92.1		%	1.3	pts
Net accident year catastrophe losses incurred	$	2		$	11				$	23		$	27
Effect on loss & LAE ratio	0.9		%	4.1		%	3.2	pts	2.2		%	2.6		%	0.4	pts
Net prior year development and other: (favorable) / unfavorable	$	(8)		$	—				$	(13)		$	2
Effect on loss & LAE ratio	(3.0)		%	(0.2)		%	2.8	pts	(1.2)		%	0.1		%	1.3	pts
Rate	4		%	13		%	(9)	pts	6		%	13		%	(7)	pts
Renewal premium change	9		%	14		%	(5)	pts	11		%	13		%	(2)	pts
Retention	84		%	82		%	2	pts	81		%	78		%	3	pts
New business	$	74		$	70		6	%	$	319		$	274		16	%

7

Life & Group - Results of Operations

Periods ended December 31	Three Months				Twelve Months
(In millions)	2022		2021		2022		2021
Net earned premiums	$	117	$	122	$	473	$	491
Net investment income	204		242		804		966
Other revenues	(1)		1		(1)		—
Total operating revenues	320		365		1,276		1,457
Insurance claims and policyholders' benefits	318		340		1,202		1,239
Other insurance related expenses	29		26		118		103
Other expenses	2		5		9		10
Total claims, benefits and expenses	349		371		1,329		1,352
Core income (loss) before income tax	(29)		(6)		(53)		105
Income tax (expense) benefit on core income (loss)	13		12		44		21
Core income (loss)	$	(16)	$	6	$	(9)	$	126

8

Corporate & Other - Results of Operations

Periods ended December 31	Three Months				Twelve Months
(In millions)	2022		2021		2022		2021
Net earned premiums	$	(1)	$	—	$	(2)	$	(1)
Net investment income	9		3		19		15
Other revenues	2		(1)		1		—
Total operating revenues	10		2		18		14
Insurance claims and policyholders' benefits	40		86		76		109
Other insurance related expenses	—		—		3		8
Interest expense	28		28		112		112
Other expenses	12		6		57		37
Total claims, benefits and expenses	80		120		248		266
Core income (loss) before income tax	(70)		(118)		(230)		(252)
Income tax (expense) benefit on core income (loss)	18		24		47		48
Core income (loss)	$	(52)	$	(94)	$	(183)	$	(204)

9

Investment Summary - Consolidated

	December 31, 2022				September 30, 2022				December 31, 2021
(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	$	21,429	$	(1,708)	$	20,927	$	(2,167)	$	24,139	$	2,699
States, municipalities and political subdivisions:
Tax-exempt	4,633		(45)		4,632		(267)		7,781		1,119
Taxable	3,684		(556)		3,791		(554)		4,162		466
Total states, municipalities and political subdivisions	8,317		(601)		8,423		(821)		11,943		1,585
Asset-backed:
RMBS	2,631		(442)		2,689		(464)		2,956		63
CMBS	1,635		(251)		1,688		(233)		2,031		44
Other ABS	2,927		(359)		2,914		(347)		2,598		44
Total asset-backed	7,193		(1,052)		7,291		(1,044)		7,585		151
U.S. Treasury and obligations of government-sponsored enterprises	110		(1)		109		2		130		(2)
Foreign government	575		(42)		498		(46)		583		13
Redeemable preferred stock	3		—		3		—		—		—
Total fixed maturity securities	37,627		(3,404)		37,251		(4,076)		44,380		4,446
Equities:
Common stock	185		—		210		—		233		—
Non-redeemable preferred stock	489		—		681		—		802		—
Total equities	674		—		891		—		1,035		—
Limited partnership investments:
Hedge funds	456		—		464		—		595		—
Private equity funds	1,470		—		1,431		—		1,264		—
Total limited partnership investments	1,926		—		1,895		—		1,859		—
Other invested assets	78		—		73		—		91		—
Mortgage loans	1,040		—		953		—		973		—
Short term investments	1,832		1		1,074		1		1,990		—
Total investments	$	43,177	$	(3,403)	$	42,137	$	(4,075)	$	50,328	$	4,446
Net receivable/(payable) on investment activity	$	8			$	(14)			$	201
Effective duration (in years)	6.6				6.7				6.6
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, 2022				September 30, 2022				December 31, 2021
(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	$	13,165	$	(1,260)	$	12,997	$	(1,458)	$	14,897	$	713
States, municipalities and political subdivisions:
Tax-exempt	1,197		(211)		1,275		(273)		1,604		92
Taxable	1,986		(486)		1,989		(484)		2,369		69
Total states, municipalities and political subdivisions	3,183		(697)		3,264		(757)		3,973		161
Asset-backed:
RMBS	2,617		(442)		2,669		(464)		2,899		60
CMBS	1,606		(248)		1,651		(231)		1,955		42
Other ABS	2,374		(276)		2,401		(266)		2,326		31
Total asset-backed	6,597		(966)		6,721		(961)		7,180		133
U.S. Treasury and obligations of government-sponsored enterprises	109		(1)		96		2		109		(2)
Foreign government	546		(34)		472		(35)		545		11
Redeemable preferred stock	3		—		3		—		—		—
Total fixed maturity securities	23,603		(2,958)		23,553		(3,209)		26,704		1,016
Equities:
Common stock	185		—		210		—		233		—
Non-redeemable preferred stock	73		—		140		—		179		—
Total equities	258		—		350		—		412		—
Limited partnership investments:
Hedge funds	252		—		257		—		329		—
Private equity funds	814		—		792		—		700		—
Total limited partnership investments	1,066		—		1,049		—		1,029		—
Other invested assets	78		—		73		—		91		—
Mortgage loans	830		—		729		—		741		—
Short term investments	1,772		1		1,048		1		1,887		—
Total investments	$	27,607	$	(2,957)	$	26,802	$	(3,208)	$	30,864	$	1,016
Net receivable/(payable) on investment activity	$	(3)			$	(2)			$	145
Effective duration (in years)	4.7				4.8				4.9
Weighted average rating	A				A-				A

11

Investment Summary - Life & Group

	December 31, 2022				September 30, 2022				December 31, 2021
(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	$	8,264	$	(448)	$	7,930	$	(709)	$	9,242	$	1,986
States, municipalities and political subdivisions:
Tax-exempt	3,436		166		3,357		6		6,177		1,027
Taxable	1,698		(70)		1,802		(70)		1,793		397
Total states, municipalities and political subdivisions	5,134		96		5,159		(64)		7,970		1,424
Asset-backed:
RMBS	14		—		20		—		57		3
CMBS	29		(3)		37		(2)		76		2
Other ABS	553		(83)		513		(81)		272		13
Total asset-backed	596		(86)		570		(83)		405		18
U.S. Treasury and obligations of government-sponsored enterprises	1		—		13		—		21		—
Foreign government	29		(8)		26		(11)		38		2
Redeemable preferred stock	—		—		—		—		—		—
Total fixed maturity securities	14,024		(446)		13,698		(867)		17,676		3,430
Equities:
Common stock	—		—		—		—		—		—
Non-redeemable preferred stock	416		—		541		—		623		—
Total equities	416		—		541		—		623		—
Limited partnership investments:
Hedge funds	204		—		207		—		266		—
Private equity funds	656		—		639		—		564		—
Total limited partnership investments	860		—		846		—		830		—
Other invested assets	—		—		—		—		—		—
Mortgage loans	210		—		224		—		232		—
Short term investments	60		—		26		—		103		—
Total investments	$	15,570	$	(446)	$	15,335	$	(867)	$	19,464	$	3,430
Net receivable/(payable) on investment activity	$	11			$	(12)			$	56
Effective duration (in years)	9.9				9.8				9.2
Weighted average rating	A				A				A

12

Investments - Fixed Maturity Securities by Credit Rating

December 31, 2022	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	$	—		$	—	$	30		$	(3)	$	433		$	(35)	$	5,660		$	(330)	$	13,866		$	(1,169)	$	1,440		$	(171)	$	21,429		$	(1,708)
States, municipalities and political subdivisions	—			—		1,361			(35)		4,757			(454)		1,918			(45)		280			(67)		1			—		8,317			(601)
Asset-backed:
RMBS	2,309			(335)		250			(110)		2			—		10			—		17			—		43			3		2,631			(442)
CMBS	—			—		312			(30)		660			(110)		219			(36)		323			(52)		121			(23)		1,635			(251)
Other ABS	—			—		285			(23)		186			(44)		1,155			(107)		1,135			(157)		166			(28)		2,927			(359)
Total asset-backed	2,309			(335)		847			(163)		848			(154)		1,384			(143)		1,475			(209)		330			(48)		7,193			(1,052)
U.S. Treasury and obligations of government-sponsored enterprises	110			(1)		—			—		—			—		—			—		—			—		—			—		110			(1)
Foreign government	—			—		160			(7)		304			(20)		81			(13)		30			(2)		—			—		575			(42)
Redeemable preferred stock	—			—		—			—		—			—		—			—		—			—		3			—		3			—
Total fixed maturity securities	$	2,419		$	(336)	$	2,398		$	(208)	$	6,342		$	(663)	$	9,043		$	(531)	$	15,651		$	(1,447)	$	1,774		$	(219)	$	37,627		$	(3,404)
Percentage of total fixed maturity securities	6		%			6		%			17		%			24		%			42		%			5		%			100		%

13

Components of Net Investment Income

	Consolidated
Periods ended December 31	Three Months						Twelve Months
(In millions)	2022			2021			2022			2021
Taxable fixed income securities	$	422		$	364		$	1,585		$	1,439
Tax-exempt fixed income securities	50			75			244			311
Total fixed income securities	472			439			1,829			1,750
Common stock	21			20			(19)			40
Limited partnerships - hedge funds	7			—			(37)			35
Limited partnerships - private equity funds	(8)			88			25			327
Total limited partnership and common stock investments	20			108			(31)			402
Other, net of investment expense	11			4			7			7
Net investment income	$	503		$	551		$	1,805		$	2,159
Effective income yield for fixed income securities portfolio	4.5		%	4.3		%	4.4		%	4.3		%
Limited partnership and common stock return	0.9			5.1			(1.4)			22.3

	Property & Casualty and Corporate & Other
Periods ended December 31	Three Months						Twelve Months
(In millions)	2022			2021			2022			2021
Taxable fixed income securities	$	255		$	226		$	964		$	892
Tax-exempt fixed income securities	11			11			45			48
Total fixed income securities	266			237			1,009			940
Common stock	21			20			(19)			40
Limited partnerships - hedge funds	4			—			(20)			19
Limited partnerships - private equity funds	(5)			48			13			181
Total limited partnership and common stock investments	20			68			(26)			240
Other, net of investment expense	13			4			18			13
Net investment income	$	299		$	309		$	1,001		$	1,193
Effective income yield for fixed income securities portfolio	4.0		%	3.6		%	3.8		%	3.7		%

	Life & Group
Periods ended December 31	Three Months						Twelve Months
(In millions)	2022			2021			2022			2021
Taxable fixed income securities	$	167		$	138		$	621		$	547
Tax-exempt fixed income securities	39			64			199			263
Total fixed income securities	206			202			820			810
Common stock	—			—			—			—
Limited partnerships - hedge funds	3			—			(17)			16
Limited partnerships - private equity funds	(3)			40			12			146
Total limited partnership and common stock investments	—			40			(5)			162
Other, net of investment expense	(2)			—			(11)			(6)
Net investment income	$	204		$	242		$	804		$	966
Effective income yield for fixed income securities portfolio	5.5		%	5.4		%	5.4		%	5.5		%

14

Net Investment Gains (Losses)

Periods ended December 31	Consolidated
	Three Months				Twelve Months
(In millions)	2022		2021		2022		2021
Fixed maturity securities: (1)
Corporate and other bonds	$	(21)	$	19	$	(89)	$	134
States, municipalities and political subdivisions	(2)		—		26		—
Asset-backed	(5)		(14)		(34)		(38)
Total fixed maturity securities	(28)		5		(97)		96
Non-redeemable preferred stock	(5)		(13)		(116)		4
Derivatives, short term and other	—		1		22		10
Mortgage loans	—		10		(8)		10
Net investment gains (losses)	(33)		3		(199)		120
Income tax benefit (expense) on net investment gains (losses)	7		(2)		45		(24)
Net investment gains (losses), after tax	$	(26)	$	1	$	(154)	$	96

(1) Excludes the loss in 2022 on the assets supporting the funds withheld liability, which is reflected in the Derivatives, short term and other line.

Derivatives, short term and other for the twelve months ended December 31, 2022 includes an $18 million non-economic net gain related to the coinsurance agreement on the Company's legacy annuity business in the Life & Group segment and the associated funds withheld embedded derivative, which was novated in 2022.

15

Claim & Claim Adjustment Expense Reserve Rollforward

Three months ended December 31, 2022 (In millions)	Specialty		Commercial		International		P&C Operations		Life & Group		Corporate & Other		Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross	$	6,925	$	9,172	$	2,262	$	18,359	$	3,645	$	2,696	$	24,700
Ceded	1,440		867		378		2,685		106		2,356		5,147
Net	5,485		8,305		1,884		15,674		3,539		340		19,553
Net incurred claim & claim adjustment expenses	479		692		149		1,320		276		4		1,600
Net claim & claim adjustment expense payments	(400)		(570)		(133)		(1,103)		(260)		(4)		(1,367)
Foreign currency translation adjustment and other	(1)		3		103		105		18		(1)		122
Claim & claim adjustment expense reserves, end of period
Net	5,563		8,430		2,003		15,996		3,573		339		19,908
Ceded	1,315		965		400		2,680		101		2,410		5,191
Gross	$	6,878	$	9,395	$	2,403	$	18,676	$	3,674	$	2,749	$	25,099

Twelve months ended December 31, 2022 (In millions)	Specialty		Commercial		International		P&C Operations		Life & Group		Corporate & Other		Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross	$	6,433	$	8,890	$	2,280	$	17,603	$	3,754	$	2,817	$	24,174
Ceded	1,168		825		340		2,333		113		2,523		4,969
Net	5,265		8,065		1,940		15,270		3,641		294		19,205
Net incurred claim & claim adjustment expenses	1,839		2,608		636		5,083		1,063		80		6,226
Net claim & claim adjustment expense payments	(1,540)		(2,242)		(437)		(4,219)		(1,008)		(34)		(5,261)
Foreign currency translation adjustment and other	(1)		(1)		(136)		(138)		(123)		(1)		(262)
Claim & claim adjustment expense reserves, end of period
Net	5,563		8,430		2,003		15,996		3,573		339		19,908
Ceded	1,315		965		400		2,680		101		2,410		5,191
Gross	$	6,878	$	9,395	$	2,403	$	18,676	$	3,674	$	2,749	$	25,099

16

Life & Group Policyholder Reserves

December 31, 2022
(In millions)	Claim and claim adjustment expenses		Future policy benefits		Total
Long term care	$	2,979	$	10,151	$	13,130
Structured settlement annuities and other	517		—		517
Total	3,496		10,151		13,647
Shadow adjustments	77		—		77
Ceded reserves	101		—		101
Total gross reserves	$	3,674	$	10,151	13,825

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

17

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 businesses in run-off, including CNA Re, asbestos and environmental pollution, excess workers' compensation and legacy mass tort. 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, 2022 Form 10-K for further discussion of this non-GAAP financial measure.

•Management uses underwriting gain (loss) to monitor insurance operations of our Specialty, Commercial and International segments. Underwriting gain (loss) is pretax and 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, excluding rate and exposure changes, 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.

•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.

18

•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.

•Statutory capital and surplus represents the excess of an insurance company's admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices.

•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

19