XML 63 R48.htm IDEA: XBRL DOCUMENT v3.25.0.1
Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Funded status
The following table presents a reconciliation of benefit obligations and plan assets.
Pension BenefitsPostretirement Benefits
(In millions)2024202320242023
Benefit obligation as of January 1$1,807 $1,931 $5 $4 
Changes in benefit obligation:
Interest cost87 98 — — 
Participants' contributions— — 1 1 
Actuarial (gain) loss(24)27 — 4 
Benefits paid(144)(168)(2)(4)
Foreign currency translation and other(1)5 — — 
Effect of pension settlement transactions(1,044)(86)— — 
Benefit obligation as of December 31681 1,807 4 5 
Fair value of plan assets as of January 11,984 2,025 — — 
Change in plan assets:
Actual return on plan assets115 194 — — 
Company contributions5 8 1 3 
Participants' contributions— — 1 1 
Benefits paid(144)(168)(2)(4)
Foreign currency translation and other(1)5 — — 
Effect of pension settlement transactions(1,044)(80)— — 
Fair value of plan assets as of December 31915 1,984 — — 
Funded status$234 $177 $(4)$(5)
Amounts recognized on the Consolidated Balance Sheets as of December 31:
Other assets$275 $223 $— $— 
Other liabilities(41)(46)(4)(5)
Net amount recognized$234 $177 $(4)$(5)
Amounts recognized in Accumulated other comprehensive income, not yet recognized in net periodic cost (benefit):
Net actuarial (gain) loss$236 $658 $2 $3 
Net amount recognized$236 $658 $2 $3 
Components of net periodic cost (benefit)
The components of net periodic pension cost (benefit) are presented in the following table.
Years ended December 31
(In millions)202420232022
Net periodic pension cost (benefit)
Interest cost on projected benefit obligation$87 $98 $67 
Expected return on plan assets(116)(119)(152)
Amortization of net actuarial loss (gain) 29 33 30 
Pension settlement transaction loss371 — — 
Total net periodic pension cost (benefit)$371 $12 $(55)
The following table indicates the line items in which the non-service cost (benefit) is presented in the Consolidated Statements of Operations.
Years ended December 31
(In millions)202420232022
Non-Service Cost (benefit):
Insurance claims and policyholder's benefits$— $3 $(15)
Other operating expenses371 9 (40)
Total net periodic pension cost (benefit)$371 $12 $(55)
Schedule of amounts recognized in Other comprehensive income
The amounts recognized in Other comprehensive income are presented in the following table.
Years ended December 31
(In millions)202420232022
Pension and postretirement benefits
Amounts arising during the period$22 $50 $(12)
Pension settlement transaction loss371 — — 
Reclassification adjustment relating to prior service credit— — — 
Reclassification adjustment relating to actuarial loss30 34 30 
Total increase (decrease) in Other comprehensive income$423 $84 $18 
Actuarial assumptions for benefit obligations and for net cost or benefit
Actuarial assumptions used for the CNA Retirement Plan and CNA Health and Group Benefits Program to determine benefit obligations are presented in the following table. The interest crediting rate is the weighted average interest rate applied to the individual pension balances for employees who elected to cease accruals effective December 31, 1999.
December 3120242023
Pension benefits
Discount rate5.500 %5.100 %
Interest crediting rate4.500 4.500 
Postretirement benefits
Discount rate5.400 %5.100 %
Actuarial assumptions used for the CNA Retirement Plan and CNA Health and Group Benefits Program to determine net cost or benefit are presented in the following table.
Years ended December 31202420232022
Pension benefits
Discount rate5.100 %5.350 %2.750 %
Expected long-term rate of return6.250 6.250 6.250 
Interest crediting rate4.500 3.500 3.000 
Postretirement benefits
Discount rate5.100 %5.250 %2.250 %
Fair value of plan assets measured on a recurring basis
Pension plan assets measured at fair value on a recurring basis are presented in the following tables.
December 31, 2024
(In millions)Level 1Level 2Level 3Total
Assets
Fixed maturity securities:
Corporate bonds and other$— $408 $5 $413 
States, municipalities and political subdivisions— 6 — 6 
Asset-backed— 113 8 121 
Total fixed maturity securities— 527 13 540 
Equity securities8 15 — 23 
Short-term investments47 — — 47 
Other assets— 6 — 6 
Cash2 — 2 
Total assets measured at fair value$57 $548 $13 618 
Total equity securities measured at net asset value (1)
— 
Total limited partnerships measured at net asset value (1)
297 
Total$915 
December 31, 2023
(In millions)Level 1Level 2Level 3Total
Assets
Fixed maturity securities:
Corporate bonds and other$10 $1,041 $6 $1,057 
States, municipalities and political subdivisions— 50 — 50 
Asset-backed— 233 8 241 
Total fixed maturity securities10 1,324 14 1,348 
Equity securities119 6 — 125 
Short-term investments96 — — 96 
Other assets— 15 — 15 
Total assets measured at fair value$225 $1,345 $14 1,584 
Total equity securities measured at net asset value (1)
25 
Total limited partnerships measured at net asset value (1)
375 
Total$1,984 
(1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Plan's Statement of Financial Position.
Schedule of expected benefit payments
The table below presents the estimated future minimum benefit payments to participants as of December 31, 2024.
(In millions)Pension BenefitsPostretirement Benefits
2025$59 $1 
202659 1 
202759 — 
202857 — 
202957 — 
2030-2034255 1