Reinsurance (Tables)

12 Months Ended

Dec. 31, 2025

The following table presents the amounts receivable from reinsurers:


December 31	2025		2024
(In millions)

Reinsurance receivables related to insurance reserves:
Ceded claim and claim adjustment expenses	$	5,982	$	5,713

Reinsurance receivables related to paid losses	426		359
Reinsurance receivables	6,408		6,072
Less allowance for doubtful accounts	27		21
Reinsurance receivables, net of allowance for doubtful accounts	$	6,381	$	6,051

Summary of Voluntary Reinsurance Receivables by Financial Strength Rating

CNA has established an allowance for doubtful accounts on voluntary reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The following table summarizes the outstanding amount of voluntary reinsurance receivables, gross of any collateral arrangements, by financial strength rating:


As of December 31, 2025
(In millions)

A- to A++	$	4,864
B- to B++	967
Insolvent	9
Total voluntary reinsurance outstanding balance (a)	$	5,840


(a)			Expected credit losses for legacy A&EP receivables are ceded to NICO and the reinsurance limit on the LPT has not been exhausted, therefore no allowance is recorded for these receivables and they are excluded from the table above. See Note 7 for more information on the LPT. Also excluded are receivables from involuntary pools.

Summary of Effects of Reinsurance on Earned Premiums

The effects of reinsurance on earned premiums are presented in the following table:


									Assumed/
	Direct		Assumed		Ceded		Net		Net %
(In millions)

Year Ended December 31, 2025

Property and casualty	$	14,974	$	253	$	4,750	$	10,477	2.4	%
Long-term care	383		40				423		9.5
Earned premiums	$	15,357	$	293	$	4,750	$	10,900	2.7	%

Year Ended December 31, 2024

Property and casualty	$	14,629	$	252	$	5,107	$	9,774	2.6	%
Long-term care	396		41				437		9.4
Earned premiums	$	15,025	$	293	$	5,107	$	10,211	2.9	%

Year Ended December 31, 2023

Property and casualty	$	13,908	$	223	$	5,102	$	9,029	2.5	%
Long-term care	407		44				451		9.8
Earned premiums	$	14,315	$	267	$	5,102	$	9,480	2.8	%