CNA Financial Corporation

Supplemental Financial Information

December 31, 2023

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
Investments - Commercial Real Estate Exposure	14
Components of Net Investment Income	15
Net Investment Gains (Losses)	16
Other
Claim & Claim Adjustment Expense Reserve Rollforward	17
Life & Group Policyholder Reserves	18
Definitions and Presentation	19

Statements of Operations

Periods ended December 31	Three Months						Twelve Months
(In millions)	2023		2022 (1)		Change		2023		2022 (1)		Change
Revenues:
Net earned premiums	$	2,479	$	2,232	11	%	$	9,480	$	8,667	9	%
Net investment income	611		503		21		2,264		1,805		25
Net investment gains (losses)	6		(33)				(99)		(199)
Non-insurance warranty revenue	403		401				1,624		1,574
Other revenues	8		8				30		32
Total revenues	3,507		3,111		13		13,299		11,879		12
Claims, Benefits and Expenses:
Insurance claims and policyholders’ benefits (re-measurement gain (loss) of $(13), $(9), $(88) and $(214))	1,810		1,694				7,068		6,653
Amortization of deferred acquisition costs	436		389				1,644		1,490
Non-insurance warranty expense	390		379				1,544		1,471
Other operating expenses	377		338				1,398		1,339
Interest	34		28				127		112
Total claims, benefits and expenses	3,047		2,828		(8)		11,781		11,065		(6)
Income (loss) before income tax	460		283				1,518		814
Income tax (expense) benefit	(93)		(44)				(313)		(132)
Net income (loss)	$	367	$	239	54	%	$	1,205	$	682	77	%

(1) As of January 1, 2023, the Company adopted Accounting Standards Update (ASU) 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI), using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts have been adjusted to reflect application of the new guidance.

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)	2023			2022 (1)			2023			2022 (1)
Components of Income (Loss)
Core income (loss)	$	362		$	265		$	1,284		$	836
Net investment gains (losses)	5			(26)			(79)			(154)
Net income (loss)	$	367		$	239		$	1,205		$	682
Diluted Earnings (Loss) Per Common Share
Core income (loss)	$	1.33		$	0.97		$	4.71		$	3.07
Net investment gains (losses)	0.02			(0.10)			(0.28)			(0.56)
Diluted earnings (loss) per share	$	1.35		$	0.87		$	4.43		$	2.51
Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic	271.3			271.3			271.3			271.6
Diluted	272.5			272.3			272.2			272.5
Return on Equity
Net income (loss) (2)	15.9		%	11.5		%	13.1		%	6.9		%
Core income (loss) (3)	11.6			8.8			10.4			6.8

(1) As of January 1, 2023, the Company adopted LDTI using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts have been adjusted to reflect application of the new guidance.

(2) 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.

(3) 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, 2023		December 31, 2022 (1)
Total investments	$	46,562	$	43,177
Reinsurance receivables, net of allowance for uncollectible receivables	5,412		5,416
Total assets	64,711		61,000
Insurance reserves	44,196		41,974
Claim and claim adjustment expenses (2)	23,304		22,120
Unearned premiums	6,933		6,374
Future policy benefits (2)	13,959		13,480
Debt	3,031		2,781
Total liabilities	54,818		52,452
Accumulated other comprehensive income (loss) (3)	(2,672)		(3,598)
Total stockholders' equity	9,893		8,548
Book value per common share	$	36.52	$	31.55
Book value per common share excluding AOCI	$	46.39	$	44.83
Outstanding shares of common stock (in millions of shares)	270.9		270.9
Statutory capital and surplus - Combined Continental Casualty Companies (4)	$	10,946	$	10,572

Three Months Ended December 31	2023		2022
Net cash flows provided (used) by operating activities	$	520	$	512
Net cash flows provided (used) by investing activities	(306)		(440)
Net cash flows provided (used) by financing activities	(359)		(108)
Net cash flows provided (used) by operating, investing and financing activities	$	(145)	$	(36)

Twelve Months Ended December 31	2023		2022
Net cash flows provided (used) by operating activities	$	2,285	$	2,502
Net cash flows provided (used) by investing activities	(1,843)		(1,512)
Net cash flows provided (used) by financing activities	(577)		(1,032)
Net cash flows provided (used) by operating, investing and financing activities	$	(135)	$	(42)

(1) As of January 1, 2023, the Company adopted LDTI using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts have been adjusted to reflect application of the new guidance.

(2) In conjunction with the adoption of LDTI, at January 1, 2023, $3.0 billion of the long-term care reserves for policyholders currently receiving benefits within the Life & Group segment were classified from Claim and claim adjustment expense to Future policy benefits. This change was applied retrospectively as of January 1, 2021.

(3) As of December 31, 2023 and December 31, 2022, AOCI included after-tax cumulative impacts of changes in discount rates used to measure long duration contracts of $(359) million and $(41) million.

(4) Statutory capital and surplus as of December 31, 2023 is preliminary.

3

Property & Casualty - Results of Operations

Periods ended December 31	Three Months								Twelve Months
(In millions)	2023			2022			Change		2023			2022			Change
Gross written premiums	$	3,765		$	3,581		5	%	$	14,718		$	14,078		5	%
Gross written premiums ex. 3rd party captives	2,974			2,704			10		11,279			10,264			10
Net written premiums	2,508			2,284			10		9,446			8,663			9
Net earned premiums	2,368			2,116			12		9,030			8,196			10
Net investment income	355			290			22		1,306			982			33
Non-insurance warranty revenue	403			401					1,624			1,574
Other revenues	8			7					30			32
Total operating revenues	3,134			2,814			11		11,990			10,784			11
Insurance claims and policyholders' benefits	1,441			1,325					5,669			5,108
Amortization of deferred acquisition costs	436			389					1,644			1,490
Non-insurance warranty expense	390			379					1,544			1,471
Other insurance related expenses	305			268					1,132			1,039
Other expenses	11			27					79			113
Total claims, benefits and expenses	2,583			2,388			(8)		10,068			9,221			(9)
Core income (loss) before income tax	551			426					1,922			1,563
Income tax (expense) benefit on core income (loss)	(117)			(84)					(417)			(323)
Core income (loss)	$	434		$	342		27	%	$	1,505		$	1,240		21	%
Other Performance Metrics
Underwriting gain (loss)	$	186		$	134		39	%	$	585		$	559		5	%
Loss & LAE ratio	60.6		%	62.4		%	1.8	pts	62.5		%	62.0		%	(0.5)	pts
Expense ratio	31.2			31.1			(0.1)		30.7			30.9			0.2
Dividend ratio	0.3			0.2			(0.1)		0.3			0.3			—
Combined ratio	92.1		%	93.7		%	1.6	pts	93.5		%	93.2		%	(0.3)	pts
Combined ratio excluding catastrophes and development	91.4		%	91.2		%	(0.2)	pts	90.9		%	91.2		%	0.3	pts
Net accident year catastrophe losses incurred	$	22		$	76				$	236		$	247
Effect on loss & LAE ratio	1.0		%	3.6		%	2.6	pts	2.6		%	3.0		%	0.4	pts
Net prior year development and other: (favorable) / unfavorable	$	(7)		$	(20)				$	(3)		$	(76)
Effect on loss & LAE ratio	(0.3)		%	(1.1)		%	(0.8)	pts	—		%	(1.0)		%	(1.0)	pts
Rate	4		%	4		%	—	pts	5		%	5		%	—	pts
Renewal premium change	5		%	7		%	(2)	pts	7		%	8		%	(1)	pts
Retention	85		%	86		%	(1)	pts	85		%	86		%	(1)	pts
New business	$	547		$	470		16	%	$	2,080		$	1,876		11	%

4

Specialty - Results of Operations

Periods ended December 31	Three Months								Twelve Months
(In millions)	2023			2022			Change		2023			2022			Change
Gross written premiums	$	1,789		$	1,874		(5)	%	$	7,113		$	7,514		(5)	%
Gross written premiums ex. 3rd party captives	1,004			998			1		3,800			3,814			—
Net written premiums	891			863			3		3,329			3,306			1
Net earned premiums	869			827			5		3,307			3,203			3
Net investment income	151			126			20		558			431			29
Non-insurance warranty revenue	403			401					1,624			1,574
Other revenues	1			1					1			1
Total operating revenues	1,424			1,355			5		5,490			5,209			5
Insurance claims and policyholders' benefits	507			480					1,931			1,845
Amortization of deferred acquisition costs	178			168					686			656
Non-insurance warranty expense	390			379					1,544			1,471
Other insurance related expenses	104			86					373			336
Other expenses	14			11					53			51
Total claims, benefits and expenses	1,193			1,124			(6)		4,587			4,359			(5)
Core income (loss) before income tax	231			231					903			850
Income tax (expense) benefit on core income (loss)	(49)			(48)					(195)			(182)
Core income (loss)	$	182		$	183		(1)	%	$	708		$	668		6	%
Other Performance Metrics
Underwriting gain (loss)	$	80		$	93		(14)	%	$	317		$	366		(13)	%
Loss & LAE ratio	58.0		%	57.8		%	(0.2)	pts	58.2		%	57.4		%	(0.8)	pts
Expense ratio	32.5			30.8			(1.7)		32.0			31.0			(1.0)
Dividend ratio	0.3			0.2			(0.1)		0.2			0.2			—
Combined ratio	90.8		%	88.8		%	(2.0)	pts	90.4		%	88.6		%	(1.8)	pts
Combined ratio excluding catastrophes and development	91.4		%	89.4		%	(2.0)	pts	90.7		%	89.8		%	(0.9)	pts
Net accident year catastrophe losses incurred	$	—		$	—				$	—		$	2
Effect on loss & LAE ratio	—		%	—		%	—	pts	—		%	0.1		%	0.1	pts
Net prior year development and other: (favorable) / unfavorable	$	(5)		$	(5)				$	(12)		$	(40)
Effect on loss & LAE ratio	(0.6)		%	(0.6)		%	—	pts	(0.3)		%	(1.3)		%	(1.0)	pts
Rate	—		%	3		%	(3)	pts	—		%	6		%	(6)	pts
Renewal premium change	—		%	3		%	(3)	pts	1		%	7		%	(6)	pts
Retention	89		%	88		%	1	pts	88		%	86		%	2	pts
New business	$	132		$	141		(6)	%	$	481		$	548		(12)	%

5

Commercial - Results of Operations

Periods ended December 31	Three Months								Twelve Months
(In millions)	2023			2022			Change		2023			2022			Change
Gross written premiums	$	1,616		$	1,346		20	%	$	6,120		$	5,170		18	%
Gross written premiums ex. 3rd party captives	1,610			1,345			20		5,994			5,056			19
Net written premiums	1,292			1,096			18		4,880			4,193			16
Net earned premiums	1,211			1,022			18		4,547			3,923			16
Net investment income	175			145			21		645			488			32
Other revenues	7			5					29			30
Total operating revenues	1,393			1,172			19		5,221			4,441			18
Insurance claims and policyholders' benefits	764			695					3,016			2,626
Amortization of deferred acquisition costs	197			167					729			634
Other insurance related expenses	164			148					620			557
Other expenses	3			15					30			36
Total claims, benefits and expenses	1,128			1,025			(10)		4,395			3,853			(14)
Core income (loss) before income tax	265			147					826			588
Income tax (expense) benefit on core income (loss)	(56)			(31)					(174)			(122)
Core income (loss)	$	209		$	116		80	%	$	652		$	466		40	%
Other Performance Metrics
Underwriting gain (loss)	$	86		$	12		N/M	%	$	182		$	106		72	%
Loss & LAE ratio	62.8		%	67.8		%	5.0	pts	65.9		%	66.4		%	0.5	pts
Expense ratio	29.8			30.8			1.0		29.6			30.4			0.8
Dividend ratio	0.3			0.4			0.1		0.5			0.5			—
Combined ratio	92.9		%	99.0		%	6.1	pts	96.0		%	97.3		%	1.3	pts
Combined ratio excluding catastrophes and development	91.6		%	92.7		%	1.1	pts	91.6		%	92.4		%	0.8	pts
Net accident year catastrophe losses incurred	$	17		$	74				$	207		$	222
Effect on loss & LAE ratio	1.4		%	7.2		%	5.8	pts	4.5		%	5.6		%	1.1	pts
Net prior year development and other: (favorable) / unfavorable	$	—		$	(7)				$	(4)		$	(23)
Effect on loss & LAE ratio	(0.1)		%	(0.9)		%	(0.8)	pts	(0.1)		%	(0.7)		%	(0.6)	pts
Rate	7		%	5		%	2	pts	7		%	5		%	2	pts
Renewal premium change	9		%	9		%	—	pts	10		%	8		%	2	pts
Retention	83		%	86		%	(3)	pts	84		%	86		%	(2)	pts
New business	$	352		$	255		38	%	$	1,297		$	1,009		29	%

6

International - Results of Operations

Periods ended December 31	Three Months								Twelve Months
(In millions)	2023			2022			Change		2023			2022			Change
Gross written premiums	$	360		$	361		—	%	$	1,485		$	1,394		7	%
Net written premiums	325			325			—		1,237			1,164			6
Net earned premiums	288			267			8		1,176			1,070			10
Net investment income	29			19			53		103			63			63
Other revenues	—			1					—			1
Total operating revenues	317			287			10		1,279			1,134			13
Insurance claims and policyholders' benefits	170			150					722			637
Amortization of deferred acquisition costs	61			54					229			200
Other insurance related expenses	37			34					139			146
Other expenses	(6)			1					(4)			26
Total claims, benefits and expenses	262			239			(10)		1,086			1,009			(8)
Core income (loss) before income tax	55			48					193			125
Income tax (expense) benefit on core income (loss)	(12)			(5)					(48)			(19)
Core income (loss)	$	43		$	43		—	%	$	145		$	106		37	%
Other Performance Metrics
Underwriting gain (loss)	$	20		$	29		(31)	%	$	86		$	87		(1)	%
Loss & LAE ratio	58.9		%	56.0		%	(2.9)	pts	61.4		%	59.5		%	(1.9)	pts
Expense ratio	34.1			32.9			(1.2)		31.2			32.3			1.1
Dividend ratio	—			—			—		—			—			—
Combined ratio	93.0		%	88.9		%	(4.1)	pts	92.6		%	91.8		%	(0.8)	pts
Combined ratio excluding catastrophes and development	91.8		%	91.0		%	(0.8)	pts	89.0		%	90.8		%	1.8	pts
Net accident year catastrophe losses incurred	$	5		$	2				$	29		$	23
Effect on loss & LAE ratio	1.8		%	0.9		%	(0.9)	pts	2.5		%	2.2		%	(0.3)	pts
Net prior year development and other: (favorable) / unfavorable	$	(2)		$	(8)				$	13		$	(13)
Effect on loss & LAE ratio	(0.6)		%	(3.0)		%	(2.4)	pts	1.1		%	(1.2)		%	(2.3)	pts
Rate	2		%	4		%	(2)	pts	3		%	6		%	(3)	pts
Renewal premium change	2		%	9		%	(7)	pts	6		%	11		%	(5)	pts
Retention	83		%	84		%	(1)	pts	83		%	81		%	2	pts
New business	$	63		$	74		(15)	%	$	302		$	319		(5)	%

7

Life & Group - Results of Operations

Periods ended December 31	Three Months				Twelve Months
(In millions)	2023		2022 (1)		2023		2022 (1)
Net earned premiums	$	111	$	117	$	451	$	473
Net investment income	237		204		896		804
Other revenues	(1)		(1)		(1)		(1)
Total operating revenues	347		320		1,346		1,276
Insurance claims and policyholders' benefits	319		329		1,317		1,469
Other insurance related expenses	29		29		118		118
Other expenses	1		2		1		9
Total claims, benefits and expenses	349		360		1,436		1,596
Core income (loss) before income tax	(2)		(40)		(90)		(320)
Income tax (expense) benefit on core income (loss)	6		15		42		99
Core income (loss)	$	4	$	(25)	$	(48)	$	(221)

(1) As of January 1, 2023, the Company adopted LDTI using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts have been adjusted to reflect application of the new guidance.

8

Corporate & Other - Results of Operations

Periods ended December 31	Three Months				Twelve Months
(In millions)	2023		2022		2023		2022
Net earned premiums	$	—	$	(1)	$	(1)	$	(2)
Net investment income	19		9		62		19
Other revenues	1		2		1		1
Total operating revenues	20		10		62		18
Insurance claims and policyholders' benefits	50		40		82		76
Other insurance related expenses	—		—		1		3
Other expenses	65		40		194		169
Total claims, benefits and expenses	115		80		277		248
Core income (loss) before income tax	(95)		(70)		(215)		(230)
Income tax (expense) benefit on core income (loss)	19		18		42		47
Core income (loss)	$	(76)	$	(52)	$	(173)	$	(183)

9

Investment Summary - Consolidated

	December 31, 2023				September 30, 2023				December 31, 2022
(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	$	24,268	$	(748)	$	22,513	$	(2,241)	$	21,429	$	(1,708)
States, municipalities and political subdivisions:
Tax-exempt	3,722		88		3,542		(295)		4,633		(45)
Taxable	3,670		(409)		3,492		(674)		3,684		(556)
Total states, municipalities and political subdivisions	7,392		(321)		7,034		(969)		8,317		(601)
Asset-backed:
RMBS	3,002		(409)		2,830		(595)		2,631		(442)
CMBS	1,631		(223)		1,554		(272)		1,635		(251)
Other ABS	3,268		(243)		3,118		(359)		2,927		(359)
Total asset-backed	7,901		(875)		7,502		(1,226)		7,193		(1,052)
U.S. Treasury and obligations of government-sponsored enterprises	151		(1)		149		(1)		110		(1)
Foreign government	713		(28)		658		(55)		575		(42)
Redeemable preferred stock	—		—		—		—		3		—
Total fixed maturity securities	40,425		(1,973)		37,856		(4,492)		37,627		(3,404)
Equities:
Common stock	191		—		213		—		185		—
Non-redeemable preferred stock	492		—		479		—		489		—
Total equities	683		—		692		—		674		—
Limited partnership investments:
Hedge funds	332		—		322		—		456		—
Private equity funds	1,842		—		1,752		—		1,470		—
Total limited partnership investments	2,174		—		2,074		—		1,926		—
Other invested assets	80		—		69		—		78		—
Mortgage loans	1,035		—		995		—		1,040		—
Short-term investments	2,165		1		1,961		1		1,832		1
Total investments	$	46,562	$	(1,972)	$	43,647	$	(4,491)	$	43,177	$	(3,403)
Net receivable/(payable) on investment activity	$	36			$	(100)			$	8
Effective duration (in years)	6.5				6.3				6.6
Weighted average rating (1)	A				A				A

RMBS - Residential mortgage-backed securities

CMBS - Commercial mortgage-backed securities

Other ABS - Other asset-backed securities

(1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating.

10

Investment Summary - Property & Casualty and Corporate & Other

	December 31, 2023				September 30, 2023				December 31, 2022
(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	$	14,424	$	(756)	$	13,814	$	(1,386)	$	13,165	$	(1,260)
States, municipalities and political subdivisions:
Tax-exempt	1,160		(159)		1,069		(281)		1,197		(211)
Taxable	2,076		(399)		1,938		(541)		1,986		(486)
Total states, municipalities and political subdivisions	3,236		(558)		3,007		(822)		3,183		(697)
Asset-backed:
RMBS	3,000		(409)		2,828		(595)		2,617		(442)
CMBS	1,601		(221)		1,525		(269)		1,606		(248)
Other ABS	2,676		(170)		2,566		(233)		2,374		(276)
Total asset-backed	7,277		(800)		6,919		(1,097)		6,597		(966)
U.S. Treasury and obligations of government-sponsored enterprises	150		(1)		148		(1)		109		(1)
Foreign government	685		(20)		632		(44)		546		(34)
Redeemable preferred stock	—		—		—		—		3		—
Total fixed maturity securities	25,772		(2,135)		24,520		(3,350)		23,603		(2,958)
Equities:
Common stock	191		—		213		—		185		—
Non-redeemable preferred stock	82		—		78		—		73		—
Total equities	273		—		291		—		258		—
Limited partnership investments:
Hedge funds	184		—		178		—		252		—
Private equity funds	1,019		—		970		—		814		—
Total limited partnership investments	1,203		—		1,148		—		1,066		—
Other invested assets	80		—		69		—		78		—
Mortgage loans	842		—		795		—		830		—
Short-term investments	2,094		1		1,942		1		1,772		1
Total investments	$	30,264	$	(2,134)	$	28,765	$	(3,349)	$	27,607	$	(2,957)
Net receivable/(payable) on investment activity	$	33			$	(81)			$	(3)
Effective duration (in years)	4.5				4.6				4.7
Weighted average rating (1)	A				A				A

(1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating.

11

Investment Summary - Life & Group

	December 31, 2023				September 30, 2023				December 31, 2022
(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	$	9,844	$	8	$	8,699	$	(855)	$	8,264	$	(448)
States, municipalities and political subdivisions:
Tax-exempt	2,562		247		2,473		(14)		3,436		166
Taxable	1,594		(10)		1,554		(133)		1,698		(70)
Total states, municipalities and political subdivisions	4,156		237		4,027		(147)		5,134		96
Asset-backed:
RMBS	2		—		2		—		14		—
CMBS	30		(2)		29		(3)		29		(3)
Other ABS	592		(73)		552		(126)		553		(83)
Total asset-backed	624		(75)		583		(129)		596		(86)
U.S. Treasury and obligations of government-sponsored enterprises	1		—		1		—		1		—
Foreign government	28		(8)		26		(11)		29		(8)
Redeemable preferred stock	—		—		—		—		—		—
Total fixed maturity securities	14,653		162		13,336		(1,142)		14,024		(446)
Equities:
Common stock	—		—		—		—		—		—
Non-redeemable preferred stock	410		—		401		—		416		—
Total equities	410		—		401		—		416		—
Limited partnership investments:
Hedge funds	148		—		144		—		204		—
Private equity funds	823		—		782		—		656		—
Total limited partnership investments	971		—		926		—		860		—
Other invested assets	—		—		—		—		—		—
Mortgage loans	193		—		200		—		210		—
Short-term investments	71		—		19		—		60		—
Total investments	$	16,298	$	162	$	14,882	$	(1,142)	$	15,570	$	(446)
Net receivable/(payable) on investment activity	$	3			$	(19)			$	11
Effective duration (in years)	10.2				9.8				9.9
Weighted average rating (1)	A-				A-				A

(1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating.

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Investments - Fixed Maturity Securities by Credit Rating

December 31, 2023	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	$	—		$	—	$	41		$	(2)	$	613		$	(23)	$	7,103		$	(107)	$	14,872		$	(539)	$	1,639		$	(77)	$	24,268		$	(748)
States, municipalities and political subdivisions	—			—		1,159			(10)		4,570			(244)		1,369			(16)		294			(51)		—			—		7,392			(321)
Asset-backed:
RMBS	2,644			(297)		341			(116)		4			—		4			1		—			—		9			3		3,002			(409)
CMBS	—			—		570			(27)		594			(95)		202			(30)		216			(45)		49			(26)		1,631			(223)
Other ABS	—			—		424			(11)		255			(48)		1,200			(65)		1,207			(100)		182			(19)		3,268			(243)
Total asset-backed	2,644			(297)		1,335			(154)		853			(143)		1,406			(94)		1,423			(145)		240			(42)		7,901			(875)
U.S. Treasury and obligations of government-sponsored enterprises	151			(1)		—			—		—			—		—			—		—			—		—			—		151			(1)
Foreign government	—			—		192			(3)		408			(10)		32			(6)		81			(9)		—			—		713			(28)
Redeemable preferred stock	—			—		—			—		—			—		—			—		—			—		—			—		—			—
Total fixed maturity securities	$	2,795		$	(298)	$	2,727		$	(169)	$	6,444		$	(420)	$	9,910		$	(223)	$	16,670		$	(744)	$	1,879		$	(119)	$	40,425		$	(1,973)
Percentage of total fixed maturity securities	7		%			7		%			16		%			24		%			41		%			5		%			100		%

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Investments - Commercial Real Estate Exposure

Fixed Income and Direct Mortgage Loans

	December 31, 2023						December 31, 2023
(In millions)	Estimated Fair Value		Net Unrealized Gains (Losses)			(In millions)	Estimated Fair Value		Net Unrealized Gains (Losses)
Commercial mortgage-backed:						Corporate and other bonds - REITs:
Single asset, single borrower:						Retail	$	515	$	(25)
Office	$	306	$	(70)		Office	250		(20)
Retail	283		(28)			Industrial	99		(1)
Lodging	227		(23)			Other (1)	452		(22)
Industrial	93		(4)			Total corporate and other bonds - REITs (2)	$	1,316	$	(68)
Multifamily	59		(3)
Total single asset, single borrower	968		(128)
Conduits (multi property, multi borrower pools)	663		(95)
Total commercial mortgage-backed	$	1,631	$	(223)
	December 31, 2023						December 31, 2023
(In millions)	Estimated Fair Value		Net Unrealized Gains (Losses)			(In millions)	Estimated Fair Value		Net Unrealized Gains (Losses)
Commercial mortgage-backed:						Corporate and other bonds - REITs:
AAA	$	570	$	(27)		AA	$	10	$	—
AA	594		(95)			A	285		(3)
A	202		(30)			BBB	994		(64)
BBB	216		(45)			Non-investment grade	27		(1)
Non-investment grade	49		(26)			Total corporate and other bonds - REITs (2)	$	1,316	$	(68)
Total commercial mortgage-backed	$	1,631	$	(223)
	December 31, 2023
(In millions)	Carrying Value		Percentage of Total
Mortgage loans:
Retail	$	520	48		%
Office	245		23		%
Industrial	124		12		%
Other	181		17		%
Total mortgage loans	1,070		100		%	(1) Other includes a diversified mix of property type strategies including self-storage, healthcare and apartments.
Less: Allowance for expected credit losses	(35)
Total mortgage loans - net of allowance	$	1,035				(2) REITs - Real estate investment trusts

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Components of Net Investment Income

	Consolidated
Periods ended December 31	Three Months						Twelve Months
(In millions)	2023			2022			2023			2022
Taxable fixed income securities	$	467		$	422		$	1,798		$	1,585
Tax-exempt fixed income securities	40			50			178			244
Total fixed income securities	507			472			1,976			1,829
Common stock	12			21			28			(19)
Limited partnerships - hedge funds	18			7			37			(37)
Limited partnerships - private equity funds	48			(8)			137			25
Total limited partnership and common stock investments	78			20			202			(31)
Other, net of investment expense	26			11			86			7
Net investment income	$	611		$	503		$	2,264		$	1,805
Effective income yield for fixed income securities portfolio	4.7		%	4.5		%	4.7		%	4.4		%
Limited partnership and common stock return	3.4			0.9			9.4			(1.4)

	Property & Casualty and Corporate & Other
Periods ended December 31	Three Months						Twelve Months
(In millions)	2023			2022			2023			2022
Taxable fixed income securities	$	285		$	255		$	1,101		$	964
Tax-exempt fixed income securities	11			11			43			45
Total fixed income securities	296			266			1,144			1,009
Common stock	12			21			28			(19)
Limited partnerships - hedge funds	9			4			20			(20)
Limited partnerships - private equity funds	27			(5)			76			13
Total limited partnership and common stock investments	48			20			124			(26)
Other, net of investment expense	30			13			100			18
Net investment income	$	374		$	299		$	1,368		$	1,001
Effective income yield for fixed income securities portfolio	4.3		%	4.0		%	4.2		%	3.8		%

	Life & Group
Periods ended December 31	Three Months						Twelve Months
(In millions)	2023			2022			2023			2022
Taxable fixed income securities	$	182		$	167		$	697		$	621
Tax-exempt fixed income securities	29			39			135			199
Total fixed income securities	211			206			832			820
Common stock	—			—			—			—
Limited partnerships - hedge funds	9			3			17			(17)
Limited partnerships - private equity funds	21			(3)			61			12
Total limited partnership and common stock investments	30			—			78			(5)
Other, net of investment expense	(4)			(2)			(14)			(11)
Net investment income	$	237		$	204		$	896		$	804
Effective income yield for fixed income securities portfolio	5.6		%	5.5		%	5.6		%	5.4		%

15

Net Investment Gains (Losses)

Periods ended December 31	Consolidated
	Three Months				Twelve Months
(In millions)	2023		2022		2023		2022
Fixed maturity securities: (1)
Corporate and other bonds	$	(11)	$	(21)	$	(57)	$	(89)
States, municipalities and political subdivisions	7		(2)		10		26
Asset-backed	(1)		(5)		(44)		(34)
Total fixed maturity securities	(5)		(28)		(91)		(97)
Non-redeemable preferred stock	13		(5)		4		(116)
Derivatives, short-term and other	(2)		—		(1)		22
Mortgage loans	—		—		(11)		(8)
Net investment gains (losses)	6		(33)		(99)		(199)
Income tax benefit (expense) on net investment gains (losses)	(1)		7		20		45
Net investment gains (losses), after tax	$	5	$	(26)	$	(79)	$	(154)

(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 included an $18 million non-economic net gain related to the novation of a coinsurance agreement on the Company's legacy annuity business in the Life & Group segment and the associated funds withheld embedded derivative. The coinsurance agreement was novated in the fourth quarter of 2022.

16

Claim & Claim Adjustment Expense Reserve Rollforward

Three months ended December 31, 2023 (In millions)	Specialty		Commercial		International		P&C Operations		Life & Group (1)		Corporate & Other		Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross	$	7,090	$	9,902	$	2,572	$	19,564	$	649	$	2,623	$	22,836
Ceded	1,320		1,091		414		2,825		97		2,259		5,181
Net	5,770		8,811		2,158		16,739		552		364		17,655
Net incurred claim & claim adjustment expenses	504		760		171		1,435		8		19		1,462
Net claim & claim adjustment expense payments	(359)		(548)		(123)		(1,030)		(13)		(17)		(1,060)
Foreign currency translation adjustment and other	1		(2)		70		69		35		2		106
Claim & claim adjustment expense reserves, end of period
Net	5,916		9,021		2,276		17,213		582		368		18,163
Ceded	1,215		1,082		433		2,730		93		2,318		5,141
Gross	$	7,131	$	10,103	$	2,709	$	19,943	$	675	$	2,686	$	23,304

Twelve months ended December 31, 2023 (In millions)	Specialty		Commercial		International		P&C Operations		Life & Group (1)		Corporate & Other		Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross	$	6,878	$	9,395	$	2,403	$	18,676	$	695	$	2,749	$	22,120
Ceded	1,315		965		400		2,680		101		2,410		5,191
Net	5,563		8,430		2,003		15,996		594		339		16,929
Net incurred claim & claim adjustment expenses	1,923		2,996		722		5,641		29		89		5,759
Net claim & claim adjustment expense payments	(1,571)		(2,404)		(515)		(4,490)		(50)		(61)		(4,601)
Foreign currency translation adjustment and other	1		(1)		66		66		9		1		76
Claim & claim adjustment expense reserves, end of period
Net	5,916		9,021		2,276		17,213		582		368		18,163
Ceded	1,215		1,082		433		2,730		93		2,318		5,141
Gross	$	7,131	$	10,103	$	2,709	$	19,943	$	675	$	2,686	$	23,304

(1) In conjunction with the adoption of LDTI, at January 1, 2023, the Company reclassified $3.0 billion of the long-term care reserves for policyholders currently receiving benefits from Claim and claim adjustment expense to Future policy benefits. This change was applied retrospectively as of January 1, 2021.

17

Life & Group Policyholder Reserves

Three months ended December 31, 2023 (In millions)	Claim and claim adjustment expenses		Future policy benefits		Total
Beginning of Period	$	552	$	12,655	$	13,207
Incurred claims and policyholders' benefits (1)	8		307		315
Benefit and expense payments	(13)		(262)		(275)
Change in discount rate assumptions and other (AOCI)	35		1,259		1,294
End of Period	$	582	$	13,959	14,541

Twelve months ended December 31, 2023 (In millions)	Claim and claim adjustment expenses		Future policy benefits		Total
Beginning of Period (2)	$	594	$	13,480	$	14,074
Incurred claims and policyholders' benefits (1)	29		1,284		1,313
Benefit and expense payments	(50)		(1,207)		(1,257)
Change in discount rate assumptions and other (AOCI)	9		402		411
End of Period	$	582	$	13,959	$	14,541

(1) Incurred claims and policyholders' benefits above does not agree to Net incurred claims and benefits as reflected in Note P to the Consolidated Financial Statements included under Part II, Item 8 of the Annual Report on Form 10-K due to the timing of benefit and expense cash flows in determining Future Policy Benefit reserves, along with the allowable expenses in the reserve under LDTI guidance.

(2) In conjunction with the adoption of LDTI, at January 1, 2023, the Company reclassified $3.0 billion of the long-term care reserves for policyholders currently receiving benefits from Claim and claim adjustment expense to Future policy benefits. This change was applied retrospectively as of January 1, 2021.

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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 includes the individual and group run-off long-term care businesses as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants.

•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, asbestos and environmental pollution (A&EP), a legacy portfolio of excess workers' compensation (EWC) policies and certain legacy mass tort reserves.

•Management uses the core income (loss) financial measure to monitor the Company’s operations for the Specialty, Commercial and International segments. Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses. 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 and management believes some investors may find this measure useful to evaluate the Company's primary operations. Please refer to Note P to the Consolidated Financial Statements within the December 31, 2023 Form 10-K for further discussion regarding how the Company manages its business.

•This financial supplement may also reference or contain financial measures utilized to monitor the Company's investment portfolio that are not in accordance with GAAP. 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.

•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.

•In evaluating the results of the Specialty, Commercial and International segments, 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. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy. 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. New business represents premiums from policies written with new customers and additional policies written with existing customers.

•Management uses underwriting gain (loss), calculated using GAAP financial results, 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.

19

•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 represents net prior year loss reserve and premium development, and 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.

•Accounting Standards Update: In August 2018, the FASB issued ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. For the Company, this includes the run-off long-term care business in the Life & Group segment. The Company adopted the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. All prior period amounts have been adjusted to reflect application of the new guidance. While the requirements of the new guidance represent a material change from legacy accounting, the new guidance does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business. Additional information regarding the Company’s adoption of ASU 2018-12 and the impact to historical financial results is contained in the Company's Q1 2023 Financial Supplement, furnished on Form 8-K, on May 1, 2023 with the Securities and Exchange Commission.

•Certain immaterial differences are due to rounding.

•N/M = Not Meaningful

20