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Business Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company's property and casualty commercial insurance operations are managed and reported in three business segments: Specialty, Commercial and International. These three segments are collectively referred to as Property & Casualty Operations. The Company's operations outside of Property & Casualty Operations are managed and reported in two segments: Life & Group and Corporate & Other.
The accounting policies of the segments are the same as those described in Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2024. The Company manages most of its assets on a legal entity basis, while segment operations are generally conducted across legal entities. As such, only Insurance and Reinsurance receivables, Insurance reserves, Deferred acquisition costs, Goodwill and Deferred non-insurance warranty acquisition expense and revenue are readily identifiable for individual segments. Distinct investment portfolios are not maintained for every individual segment; accordingly, allocation of assets to each segment is not performed. Therefore, a significant portion of Net investment income is allocated primarily based on each segment's net carried insurance reserves, as adjusted. All significant intersegment income and expense have been eliminated. Income taxes have been allocated on the basis of the taxable income of the segments.
In the following tables, certain financial measures are presented to provide information used by management to monitor the Company's operating performance. Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio.
The performance of the Company's insurance operations is monitored by management through core income (loss). The Company's Chief Operating Decision Maker (CODM) is the Chief Executive Officer. For all segments, the CODM uses a multi-year trend of core income (loss) to assess the segments' operating performance and make decisions regarding the allocation of resources to each segment.
Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of the Company's primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding the Company's defined benefit pension plans which are unrelated to the Company's primary 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.
The Company's results of operations and selected balance sheet items by segment are presented in the following tables.
Three months ended September 30, 2025
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$881 $1,453 $344 $106 $— $(1)$2,783 
Net investment income162 192 42 226 16 — 638 
Non-insurance warranty revenue393 — — — — — 393 
Other revenues1 8 — — 2 (1)10 
Total operating revenues1,437 1,653 386 332 18 (2)3,824 
Claims, benefits and expenses      
Net incurred claims and benefits534 960 203 336 (10)— 2,023 
Policyholders’ dividends2 7 — — — — 9 
Amortization of deferred acquisition costs197 215 71 — — — 483 
Non-insurance warranty expense377 — — — — — 377 
Insurance related administrative expenses88 165 42 29 1 (1)324 
Interest expense— — — — 36 — 36 
Other segment items (1)
16 11 (1)— 27 (1)52 
Total claims, benefits and expenses1,214 1,358 315 365 54 (2)3,304 
Income tax (expense) benefit on core income (loss)(47)(62)(24)11 11 — (111)
Core income (loss) $176 $233 $47 $(22)$(25)$— $409 
Net investment gains (losses)(7)
Income tax (expense) benefit on net investment gains (losses)1 
Net investment gains (losses), after tax(6)
Net income (loss)$403 
(1) Other segment items for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
Three months ended September 30, 2024
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$848 $1,325 $311 $110 $— $(1)$2,593 
Net investment income157 183 32 240 14 — 626 
Non-insurance warranty revenue401 — — — — — 401 
Other revenues1 5 — — 3 (1)8 
Total operating revenues1,407 1,513 343 350 17 (2)3,628 
Claims, benefits and expenses      
Net incurred claims and benefits509 954 195 336 16 — 2,010 
Policyholders’ dividends2 7 — — — — 9 
Amortization of deferred acquisition costs188 209 60 — — — 457 
Non-insurance warranty expense387 — — — — — 387 
Insurance related administrative expenses90 158 44 30 — (1)321 
Interest expense— — — — 32 — 32 
Other segment items (1)
13 8 (8)1 24 (1)37 
Total claims, benefits and expenses (2)
1,189 1,336 291 367 72 (2)3,253 
Income tax (expense) benefit on core income (loss)(47)(38)(16)8 11 — (82)
Core income (loss) $171 $139 $36 $(9)$(44)$— $293 
Net investment gains (losses)(10)
Income tax (expense) benefit on net investment gains (losses)3 
Net investment gains (losses), after tax(7)
Pension settlement transaction gains (losses)(4)
Income tax (expense) benefit on pension settlement transaction gains (losses)1 
Pension settlement transaction gains (losses), after tax(3)
Net income (loss)$283 
(1) Other segment items for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
(2) Excludes the impact of pension settlement transaction gains (losses). See Note H to the Condensed Consolidated Financial Statements for additional information.
Nine months ended September 30, 2025
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$2,573 $4,235 $978 $318 $— $(1)$8,103 
Net investment income483 575 114 687 45 — 1,904 
Non-insurance warranty revenue1,188 — — — — — 1,188 
Other revenues1 26 — — 8 (7)28 
Total operating revenues4,245 4,836 1,092 1,005 53 (8)11,223 
Claims, benefits and expenses      
Net incurred claims and benefits1,562 2,907 590 949 107 — 6,115 
Policyholders’ dividends7 22 — — — — 29 
Amortization of deferred acquisition costs581 645 197 — — — 1,423 
Non-insurance warranty expense1,146 — — — — — 1,146 
Insurance related administrative expenses268 498 125 90 2 (1)982 
Interest expense— — — — 99 — 99 
Other segment items (1)
41 36 (12)1 66 (7)125 
Total claims, benefits and expenses3,605 4,108 900 1,040 274 (8)9,919 
Income tax (expense) benefit on core income (loss)(137)(153)(55)20 46 — (279)
Core income (loss) $503 $575 $137 $(15)$(175)$— $1,025 
Net investment gains (losses)(62)
Income tax (expense) benefit on net investment gains (losses)13 
Net investment gains (losses), after tax(49)
Net income (loss)$976 
(1) Other segment items for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
September 30, 2025SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,803 $1,786 $559 $77 $2,242 $— $6,467 
Insurance receivables1,008 2,277 406 1 1 — 3,693 
Deferred acquisition costs447 395 143 — — — 985 
Goodwill117 — 31 — — — 148 
Deferred non-insurance warranty acquisition expense3,340 — — — — — 3,340 
Insurance reserves 
Claim and claim adjustment expenses7,769 12,153 3,315 615 2,673 — 26,525 
Unearned premiums3,295 3,392 796 95 — — 7,578 
Future policy benefits— — — 13,546 — — 13,546 
Deferred non-insurance warranty revenue4,294 — — — — — 4,294 
Nine months ended September 30, 2024
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$2,493 $3,774 $937 $329 $— $(1)$7,532 
Net investment income461 534 95 710 53 — 1,853 
Non-insurance warranty revenue1,212 — — — — — 1,212 
Other revenues1 23 — — 9 (7)26 
Total operating revenues4,167 4,331 1,032 1,039 62 (8)10,623 
Claims, benefits and expenses    
Net incurred claims and benefits1,478 2,628 568 973 35 — 5,682 
Policyholders’ dividends7 19 — — — — 26 
Amortization of deferred acquisition costs546 608 182 — — — 1,336 
Non-insurance warranty expense1,169 — — — — — 1,169 
Insurance related administrative expenses267 454 129 88 — (1)937 
Interest expense— — — — 101 — 101 
Other segment items (1)
41 33 (5)2 72 (7)136 
Total claims, benefits and expenses (2)
3,508 3,742 874 1,063 208 (8)9,387 
Income tax (expense) benefit on core income (loss)(142)(125)(41)19 27 — (262)
Core income (loss)$517 $464 $117 $(5)$(119)$— $974 
Net investment gains (losses)(42)
Income tax (expense) benefit on net investment gains (losses)9 
Net investment gains (losses), after tax(33)
Pension settlement transaction gains (losses)(4)
Income tax (expense) benefit on pension settlement transaction gains (losses)1 
Pension settlement transaction gains (losses), after tax(3)
Net income (loss)$938 
(1) Other segment items for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
(2) Excludes the impact of pension settlement transaction gains (losses). See Note H to the Condensed Consolidated Financial Statements for additional information.
December 31, 2024SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,405 $1,710 $539 $82 $2,336 $— $6,072 
Insurance receivables1,062 2,219 410 4 2 — 3,697 
Deferred acquisition costs427 405 127 — — — 959 
Goodwill117 — 28 — — — 145 
Deferred non-insurance warranty acquisition expense3,525 — — — — — 3,525 
Insurance reserves 
Claim and claim adjustment expenses7,426 11,336 2,920 622 2,672 — 24,976 
Unearned premiums3,275 3,252 727 92 — — 7,346 
Future policy benefits— — — 13,158 — — 13,158 
Deferred non-insurance warranty revenue4,530 — — — — — 4,530 
The following table presents further detail of significant segment expenses included within Net incurred claims and benefits for the Property & Casualty segments.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Specialty
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$534 $509 $1,552 $1,486 
Catastrophe losses— — — — 
(Favorable) unfavorable development (1)
— — 10 (8)
Commercial
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$921 $829 $2,674 $2,350 
Catastrophe losses39 127 182 285 
(Favorable) unfavorable development (1)
(1)(3)46 (11)
International
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$201 $181 $572 $545 
Catastrophe losses2 16 18 28 
(Favorable) unfavorable development (1)
— (2)— (5)
(1) (Favorable) unfavorable development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
The following table presents operating revenues by line of business for each reportable segment.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Specialty
Management & Professional Liability$773 $753 $2,297 $2,215 
Surety225 202 618 580 
Warranty & Alternative Risks439 452 1,330 1,372 
Specialty revenues1,437 1,407 4,245 4,167 
Commercial
Middle Market483 448 1,430 1,307 
Construction535 521 1,562 1,459 
Small Business160 161 477 472 
Other Commercial475 383 1,367 1,093 
Commercial revenues1,653 1,513 4,836 4,331 
International
Canada114 99 312 296 
Europe165 150 465 440 
Hardy107 94 315 296 
International revenues386 343 1,092 1,032 
Life & Group revenues332 350 1,005 1,039 
Corporate & Other revenues 18 17 53 62 
Eliminations(2)(2)(8)(8)
Total operating revenues3,824 3,628 11,223 10,623 
Net investment gains (losses)(7)(10)(62)(42)
Total revenues$3,817 $3,618 $11,161 $10,581