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Schedule II. Condensed Financial Information of Registrant (Parent Company)
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule II. Condensed Financial Information of Registrant (Parent Company)
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY)
CNA Financial Corporation
Statements of Operations and Comprehensive Income
Years ended December 31
(In millions)202520242023
Revenues
Net investment income$36 $42 $41 
Total revenues36 42 41 
Expenses
Administrative and general2 2 2 
Interest135 132 126 
Total expenses137 134 128 
Loss from operations before income taxes and equity in net income of subsidiaries(101)(92)(87)
Income tax benefit3 7 4 
Loss before equity in net income of subsidiaries(98)(85)(83)
Equity in net income of subsidiaries1,376 1,044 1,288 
Net income1,278 959 1,205 
Equity in other comprehensive income of subsidiaries893 681 926 
Total comprehensive income$2,171 $1,640 $2,131 
See accompanying Notes to Condensed Financial Information as well as the
Consolidated Financial Statements and accompanying Notes.
CNA Financial Corporation
Balance Sheets
December 31
(In millions, except share data)20252024
Assets
Investment in subsidiaries$13,845 $12,684 
Cash1 1 
Short-term investments796 846 
Amounts due from affiliates3 4 
Other assets1 1 
Total assets$14,646 $13,536 
Liabilities
Long-term debt$2,971 $2,973 
Other liabilities54 50 
Total liabilities3,025 3,023 
Stockholders' Equity
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,671,747 and 270,844,681 shares outstanding)
683 683 
Additional paid-in capital2,229 2,229 
Retained earnings9,915 9,686 
Accumulated other comprehensive loss(1,098)(1,991)
Treasury stock (2,368,496 and 2,195,562 shares), at cost
(108)(94)
Total stockholders' equity11,621 10,513 
Total liabilities and stockholders' equity$14,646 $13,536 
See accompanying Notes to Condensed Financial Information as well as the
Consolidated Financial Statements and accompanying Notes.
CNA Financial Corporation
Statements of Cash Flows
Years ended December 31
(In millions)202520242023
Cash Flows from Operating Activities
Net income$1,278 $959 $1,205 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Equity in net income of subsidiaries(1,376)(1,044)(1,288)
Dividends received from subsidiaries1,115 995 1,055 
Other, net10 9 2 
Net cash flows provided by operating activities1,027 919 974 
Cash Flows from Investing Activities
Change in short-term investments84 204 (395)
Capital contributions to subsidiaries(7)(6)(3)
Net cash flows provided (used) by investing activities77 198 (398)
Cash Flows from Financing Activities
Dividends paid to common stockholders(1,047)(1,025)(787)
Proceeds from the issuance of debt495 490 491 
Repayment of debt(500)(550)(243)
Purchase of treasury stock(34)(20)(24)
Other, net(18)(12)(14)
Net cash flows used by financing activities(1,104)(1,117)(577)
Net change in cash— — (1)
Cash, beginning of year1 1 2 
Cash, end of year$1 $1 $1 

See accompanying Notes to Condensed Financial Information as well as the
Consolidated Financial Statements and accompanying Notes.
Notes to Condensed Financial Information
A. Summary of Significant Accounting Policies
Basis of Presentation
The condensed financial information of CNA Financial Corporation (CNAF or the Parent Company) should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Item 8 of this Form 10-K. CNAF’s subsidiaries are accounted for using the equity method of accounting. Equity in net income of these subsidiaries is presented on the Condensed Statements of Operations as Equity in net income of subsidiaries. Loews owned approximately 92% of the outstanding common stock of CNAF as of December 31, 2025.