CNA 10-Q Quarterly Report Sept. 30, 2024 | Alphaminr
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CNA 10-Q Quarter ended Sept. 30, 2024

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File Number 1-5823
CNA FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 36-6169860
(State or other jurisdiction of
incorporation or organization) 		(I.R.S. Employer
Identification No.)
151 N. Franklin 60606
Chicago, Illinois (Zip Code)
(Address of principal executive offices)
( 312 ) 822-5000
(Registrant's telephone number, including area code)
Not Applicable
( Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, Par value $2.50
" CNA "
New York Stock Exchange
Chicago Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒

Accelerated filer
☐

Non-accelerated filer
☐

Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As of October 31, 2024, 270,842,416 shares of common stock were outstanding.

Item Number Page
Number
1.
2.
3.
4.
PART II
1
6
2
PART I
Item 1. Condensed Consolidated Financial Statements
CNA Financial Corporation
Condensed Consolidated Statements of Operations (Unaudited)
Periods ended September 30 Three Months Nine Months
(In millions, except per share data) 2024 2023 2024 2023
Revenues
Net earned premiums $ 2,593 $ 2,406 $ 7,532 $ 7,001
Net investment income 626 553 1,853 1,653
Net investment losses ( 10 ) ( 38 ) ( 42 ) ( 105 )
Non-insurance warranty revenue 401 407 1,212 1,221
Other revenues 8 8 26 22
Total revenues 3,618 3,336 10,581 9,792
Claims, Benefits and Expenses
Insurance claims and policyholders’ benefits (re-measurement loss of $( 48 ), $( 41 ), $( 88 ) and $( 75 ))
2,019 1,826 5,708 5,258
Amortization of deferred acquisition costs 457 426 1,336 1,208
Non-insurance warranty expense 387 386 1,169 1,154
Other operating expenses 362 338 1,077 1,021
Interest 32 34 101 93
Total claims, benefits and expenses 3,257 3,010 9,391 8,734
Income before income tax 361 326 1,190 1,058
Income tax expense ( 78 ) ( 68 ) ( 252 ) ( 220 )
Net income $ 283 $ 258 $ 938 $ 838
Basic earnings per share $ 1.04 $ 0.95 $ 3.46 $ 3.09
Diluted earnings per share $ 1.04 $ 0.95 $ 3.44 $ 3.08
Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic 271.3 271.2 271.5 271.2
Diluted 272.7 272.3 272.7 272.2
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

3
CNA Financial Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Comprehensive Income (Loss)
Net income $ 283 $ 258 $ 938 $ 838
Other Comprehensive Income (Loss), net of tax
Changes in:
Net unrealized gains and losses on investments with an allowance for credit losses ( 3 ) ( 1 ) ( 1 ) ( 10 )
Net unrealized gains and losses on other investments 1,265 ( 1,084 ) 804 ( 827 )
Net unrealized gains and losses on investments 1,262 ( 1,085 ) 803 ( 837 )
Impact of changes in discount rates used to measure long-duration contract liabilities ( 623 ) 818 ( 9 ) 678
Foreign currency translation adjustment 63 ( 55 ) 21 ( 4 )
Pension and postretirement benefits 8 6 20 20
Other comprehensive income (loss), net of tax 710 ( 316 ) 835 ( 143 )
Total comprehensive income (loss) $ 993 $ ( 58 ) $ 1,773 $ 695
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
4
CNA Financial Corporation
Condensed Consolidated Balance Sheets
(In millions, except share data) September 30, 2024 (Unaudited) December 31, 2023
Assets
Investments:
Fixed maturity securities at fair value (amortized cost of $ 43,551 and $ 42,414 , less allowance for credit loss of $ 18 and $ 16 )
$ 42,579 $ 40,425
Equity securities at fair value (cost of $ 639 and $ 686 )
668 683
Limited partnership investments 2,462 2,174
Other invested assets 83 80
Mortgage loans (less allowance for credit loss of $ 35 and $ 35 )
1,003 1,035
Short-term investments 1,900 2,165
Total investments 48,695 46,562
Cash 456 345
Reinsurance receivables (less allowance for uncollectible receivables of $ 22 and $ 22 )
5,798 5,412
Insurance receivables (less allowance for uncollectible receivables of $ 25 and $ 28 )
3,489 3,442
Accrued investment income 460 444
Deferred acquisition costs 943 896
Deferred income taxes 755 1,016
Property and equipment at cost (less accumulated depreciation of $ 315 and $ 296 )
258 253
Goodwill 147 146
Deferred non-insurance warranty acquisition expense 3,571 3,661
Other assets (includes $ 5 and $ 23 due from Loews Corporation)
2,784 2,534
Total assets $ 67,356 $ 64,711
Liabilities
Insurance reserves:
Claim and claim adjustment expenses $ 24,558 $ 23,304
Unearned premiums 7,259 6,933
Future policy benefits 14,047 13,959
Short-term debt — 550
Long-term debt 2,972 2,481
Deferred non-insurance warranty revenue 4,594 4,694
Other liabilities (includes $ 23 and $ 28 due to Loews Corporation)
3,168 2,897
Total liabilities 56,598 54,818
Commitments and contingencies (Notes C and G)
Stockholders' Equity
Common stock ($ 2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,842,416 and 270,881,457 shares outstanding)
683 683
Additional paid-in capital 2,221 2,221
Retained earnings 9,785 9,755
Accumulated other comprehensive loss ( 1,837 ) ( 2,672 )
Treasury stock ( 2,197,827 and 2,158,786 shares), at cost
( 94 ) ( 94 )
Total stockholders’ equity 10,758 9,893
Total liabilities and stockholders' equity $ 67,356 $ 64,711
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
5
CNA Financial Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine months ended September 30
(In millions) 2024 2023
Cash Flows from Operating Activities
Net income $ 938 $ 838
Adjustments to reconcile net income to net cash flows provided by operating activities:
Deferred income tax expense 42 12
Trading portfolio activity ( 1 ) ( 1 )
Net investment losses 42 105
Equity method investees ( 93 ) 37
Net amortization of investments ( 153 ) ( 140 )
Depreciation and amortization 51 44
Changes in:
Receivables, net ( 404 ) ( 84 )
Accrued investment income ( 15 ) ( 39 )
Deferred acquisition costs ( 45 ) ( 74 )
Insurance reserves 1,559 1,184
Other, net ( 53 ) ( 117 )
Net cash flows provided by operating activities 1,868 1,765
Cash Flows from Investing Activities
Dispositions:
Fixed maturity securities - sales 2,335 3,284
Fixed maturity securities - maturities, calls and redemptions 1,755 960
Equity securities 388 192
Limited partnerships 45 138
Mortgage loans 75 110
Purchases:
Fixed maturity securities ( 5,016 ) ( 5,459 )
Equity securities ( 332 ) ( 200 )
Limited partnerships ( 235 ) ( 322 )
Mortgage loans ( 43 ) ( 75 )
Change in other investments ( 2 ) 6
Change in short-term investments 329 ( 99 )
Purchases of property and equipment ( 57 ) ( 67 )
Other, net ( 4 ) ( 5 )
Net cash flows used by investing activities ( 762 ) ( 1,537 )
Cash Flows from Financing Activities
Dividends paid to common stockholders ( 906 ) ( 673 )
Proceeds from the issuance of debt 490 491
Repayment of debt ( 550 ) —
Purchase of treasury stock ( 20 ) ( 24 )
Other, net ( 12 ) ( 12 )
Net cash flows used by financing activities ( 998 ) ( 218 )
Effect of foreign exchange rate changes on cash 3 —
Net change in cash 111 10
Cash, beginning of year 345 475
Cash, end of period $ 456 $ 485
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
6
CNA Financial Corporation
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Common Stock
Balance, beginning of period $ 683 $ 683 $ 683 $ 683
Balance, end of period 683 683 683 683
Additional Paid-in Capital
Balance, beginning of year 2,210 2,204 2,221 2,220
Stock-based compensation 11 9 — ( 7 )
Balance, end of period 2,221 2,213 2,221 2,213
Retained Earnings
Balance, beginning of period, as previously reported 9,623 9,359 9,755 9,572
Cumulative effect adjustments from changes in accounting guidance, net of tax — — — ( 236 )
Balance, beginning of period 9,623 9,359 9,755 9,336
Dividends to common stockholders ($ 0.44 , $ 0.42 , $ 3.32 and $ 2.46 per share)
( 121 ) ( 114 ) ( 908 ) ( 671 )
Net income 283 258 938 838
Balance, end of period 9,785 9,503 9,785 9,503
Accumulated Other Comprehensive Loss
Balance, beginning of period, as previously reported ( 2,547 ) ( 3,425 ) ( 2,672 ) ( 3,557 )
Cumulative effect adjustments from changes in accounting guidance, net of tax — — — ( 41 )
Balance, beginning of period ( 2,547 ) ( 3,425 ) ( 2,672 ) ( 3,598 )
Other comprehensive income (loss) 710 ( 316 ) 835 ( 143 )
Balance, end of period ( 1,837 ) ( 3,741 ) ( 1,837 ) ( 3,741 )
Treasury Stock
Balance, beginning of period ( 95 ) ( 95 ) ( 94 ) ( 93 )
Stock-based compensation 1 — 20 22
Purchase of treasury stock — — ( 20 ) ( 24 )
Balance, end of period ( 94 ) ( 95 ) ( 94 ) ( 95 )
Total stockholders' equity $ 10,758 $ 8,563 $ 10,758 $ 8,563
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

7
CNA Financial Corporation
Notes to Condensed Consolidated Financial Statements
Note A. General
Basis of Presentation
The Condensed Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 92 % of the outstanding common stock of CNAF as of September 30, 2024.
The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, including certain financial statement notes, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in CNAF's Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) for the year ended December 31, 2023, including the summary of significant accounting policies in Note A. The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
The interim financial data as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 is unaudited. However, in the opinion of management, the interim data includes all adjustments, including normal recurring adjustments, necessary for a fair statement of the Company's results for the interim periods in accordance with GAAP. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.
Accounting Standards Pending Adoption
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The updated accounting guidance requires expanded reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the Company’s Chief Operating Decision Maker (CODM). The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Retrospective application is required. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures and expects to disclose additional quantitative and qualitative information related to segment expenses regularly provided to the CODM that are included in the Company's measure of segment profit or loss, which is core income (loss).
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.

8
Note B. Earnings (Loss) Per Share Data
Earnings (loss) per share is based on weighted average number of outstanding common shares. Basic earnings (loss) per share excludes the impact of dilutive securities and is computed by dividing Net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
The following table presents the income and share data used in the basic and diluted earnings per share computations.
Periods ended September 30 Three Months Nine Months
(In millions, except per share data) 2024 2023 2024 2023
Net income (loss) $ 283 $ 258 $ 938 $ 838
Common Stock and Common Stock Equivalents
Basic
Weighted average shares outstanding 271.3 271.2 271.5 271.2
Diluted
Weighted average shares outstanding 271.3 271.2 271.5 271.2
Dilutive effect of stock-based awards under compensation plans 1.4 1.1 1.2 1.0
Total 272.7 272.3 272.7 272.2
Earnings (loss) per share
Basic $ 1.04 $ 0.95 $ 3.46 $ 3.09
Diluted $ 1.04 $ 0.95 $ 3.44 $ 3.08
Excluded from the calculation of diluted earnings (loss) per share is the impact of potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans that would have been antidilutive during the respective periods.
The Company repurchased 450,000 and 550,000 shares of CNAF common stock at an aggregate cost of $ 20 million and $ 24 million during the nine months ended September 30, 2024 and 2023 .
9
Note C. Investments
The significant components of Net investment income are presented in the following table.
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Fixed maturity securities $ 517 $ 491 $ 1,530 $ 1,443
Equity securities 21 9 56 42
Limited partnership investments 67 28 195 108
Mortgage loans 14 15 43 43
Short-term investments 20 23 68 51
Trading portfolio — 1 1 4
Other 8 6 23 20
Gross investment income 647 573 1,916 1,711
Investment expense ( 21 ) ( 20 ) ( 63 ) ( 58 )
Net investment income $ 626 $ 553 $ 1,853 $ 1,653
Net investment income (loss) recognized due to the change in fair value of common stock held as of September 30, 2024 and 2023
$ 11 $ ( 3 ) $ 20 $ 2
Net investment gains (losses) are presented in the following table.
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Net investment gains (losses):
Fixed maturity securities:
Gross gains $ 11 $ 12 $ 38 $ 55
Gross losses ( 33 ) ( 49 ) ( 104 ) ( 141 )
Net investment gains (losses) on fixed maturity securities ( 22 ) ( 37 ) ( 66 ) ( 86 )
Equity securities 13 2 25 ( 9 )
Mortgage loans — ( 5 ) — ( 11 )
Short-term investments and other ( 1 ) 2 ( 1 ) 1
Net investment gains (losses) $ ( 10 ) $ ( 38 ) $ ( 42 ) $ ( 105 )
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of September 30, 2024 and 2023
$ 13 $ 2 $ 24 $ 2
10
The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date.
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Fixed maturity securities available-for-sale:
Corporate and other bonds $ 8 $ 8 $ 23 $ 25
Asset-backed 4 4 9 12
Impairment losses (gains) recognized in earnings $ 12 $ 12 $ 32 $ 37

There were no losses recognized on mortgage loans during the three and nine months ended September 30, 2024. There were $ 5 million and $ 11 million of losses recognized on mortgage loans during the three and nine months ended September 30, 2023.
11
The following tables present a summary of fixed maturity securities.
September 30, 2024 Cost or
Amortized
Cost 		Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Allowance for Credit Losses Estimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds $ 25,872 $ 826 $ 900 $ 6 $ 25,792
States, municipalities and political subdivisions 7,406 359 617 — 7,148
Asset-backed:
Residential mortgage-backed 3,684 32 362 — 3,354
Commercial mortgage-backed 1,867 15 141 — 1,741
Other asset-backed 3,743 40 186 12 3,585
Total asset-backed 9,294 87 689 12 8,680
U.S. Treasury and obligations of government-sponsored enterprises 224 2 4 — 222
Foreign government 755 8 26 — 737
Total fixed maturity securities available-for-sale 43,551 1,282 2,236 18 42,579
Total fixed maturity securities trading — — — — —
Total fixed maturity securities $ 43,551 $ 1,282 $ 2,236 $ 18 $ 42,579
December 31, 2023 Cost or
Amortized
Cost 		Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Allowance for Credit Losses Estimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds $ 25,020 $ 597 $ 1,345 $ 4 $ 24,268
States, municipalities and political subdivisions 7,713 382 703 — 7,392
Asset-backed:
Residential mortgage-backed 3,411 16 425 — 3,002
Commercial mortgage-backed 1,862 7 230 8 1,631
Other asset-backed 3,515 13 256 4 3,268
Total asset-backed 8,788 36 911 12 7,901
U.S. Treasury and obligations of government-sponsored enterprises 152 1 2 — 151
Foreign government 741 6 34 — 713
Total fixed maturity securities available-for-sale 42,414 1,022 2,995 16 40,425
Total fixed maturity securities trading — — — — —
Total fixed maturity securities $ 42,414 $ 1,022 $ 2,995 $ 16 $ 40,425
12
The following tables present the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position.
Less than 12 Months 12 Months or Longer Total
September 30, 2024 Estimated
Fair Value 		Gross
Unrealized
Losses 		Estimated
Fair Value 		Gross
Unrealized
Losses 		Estimated
Fair Value 		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds $ 1,664 $ 31 $ 11,240 $ 869 $ 12,904 $ 900
States, municipalities and political subdivisions 422 7 3,155 610 3,577 617
Asset-backed:
Residential mortgage-backed 130 2 2,162 360 2,292 362
Commercial mortgage-backed 112 — 1,134 141 1,246 141
Other asset-backed 151 4 1,638 182 1,789 186
Total asset-backed 393 6 4,934 683 5,327 689
U.S. Treasury and obligations of government-sponsored enterprises 45 2 45 2 90 4
Foreign government 99 1 403 25 502 26
Total $ 2,623 $ 47 $ 19,777 $ 2,189 $ 22,400 $ 2,236
Less than 12 Months 12 Months or Longer Total
December 31, 2023 Estimated
Fair Value 		Gross
Unrealized
Losses 		Estimated
Fair Value 		Gross
Unrealized
Losses 		Estimated
Fair Value 		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds $ 1,943 $ 37 $ 13,406 $ 1,308 $ 15,349 $ 1,345
States, municipalities and political subdivisions 598 18 3,104 685 3,702 703
Asset-backed:
Residential mortgage-backed 233 4 2,212 421 2,445 425
Commercial mortgage-backed 200 5 1,184 225 1,384 230
Other asset-backed 392 8 1,869 248 2,261 256
Total asset-backed 825 17 5,265 894 6,090 911
U.S. Treasury and obligations of government-sponsored enterprises 65 1 23 1 88 2
Foreign government 52 1 450 33 502 34
Total $ 3,483 $ 74 $ 22,248 $ 2,921 $ 25,731 $ 2,995

13
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.
September 30, 2024 December 31, 2023

(In millions) 		Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises $ 2,127 $ 265 $ 2,273 $ 309
AAA 1,277 221 1,524 261
AA 3,641 547 3,817 658
A 5,229 405 5,652 517
BBB 9,243 689 11,523 1,095
Non-investment grade 883 109 942 155
Total $ 22,400 $ 2,236 $ 25,731 $ 2,995
Based on current facts and circumstances, the Company believes the unrealized losses presented in the September 30, 2024 securities in a gross unrealized loss position tables above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the Company considered the volatility in risk-free rates and credit spreads as well as the fact that its unrealized losses are concentrated in investment grade issuers. Additionally, the Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional impairment losses to be recorded as of September 30, 2024.
14
The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (PCD) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $ 451 million, $ 435 million, and $ 430 million as of September 30, 2024, December 31, 2023, and September 30, 2023 and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables included within this Note.
(In millions) Corporate and other bonds Asset-backed Total
Allowance for credit losses:
Balance as of July 1, 2024
$ — $ 17 $ 17
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded 4 — 4
Available-for-sale securities accounted for as PCD assets 2 — 2
Reductions to the allowance for credit losses:
Securities sold during the period (realized) — — —
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis — — —
Write-offs charged against the allowance — 9 9
Recoveries of amounts previously written off — — —
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period — 4 4
Balance as of September 30, 2024
$ 6 $ 12 $ 18
(In millions) Corporate and other bonds Asset-backed Total
Allowance for credit losses:
Balance as of July 1, 2023
$ 13 $ 9 $ 22
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded 5 — 5
Available-for-sale securities accounted for as PCD assets 2 — 2
Reductions to the allowance for credit losses:
Securities sold during the period (realized) — — —
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis — — —
Write-offs charged against the allowance 15 — 15
Recoveries of amounts previously written off — — —
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period — 4 4
Balance as of September 30, 2023
$ 5 $ 13 $ 18

15
(In millions) Corporate and other bonds Asset-backed Total
Allowance for credit losses:
Balance as of January 1, 2024
$ 4 $ 12 $ 16
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded 4 — 4
Available-for-sale securities accounted for as PCD assets 2 — 2
Reductions to the allowance for credit losses:
Securities sold during the period (realized) 3 1 4
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 1 — 1
Write-offs charged against the allowance — 9 9
Recoveries of amounts previously written off — — —
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period — 10 10
Balance as of September 30, 2024
$ 6 $ 12 $ 18

(In millions) Corporate and other bonds Asset-backed Total
Allowance for credit losses:
Balance as of January 1, 2023
$ — $ 1 $ 1
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded 6 7 13
Available-for-sale securities accounted for as PCD assets 22 — 22
Reductions to the allowance for credit losses:
Securities sold during the period (realized) 6 — 6
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 3 — 3
Write-offs charged against the allowance 15 — 15
Recoveries of amounts previously written off — — —
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 1 5 6
Balance as of September 30, 2023
$ 5 $ 13 $ 18
16
Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
September 30, 2024 December 31, 2023
(In millions) Cost or
Amortized
Cost 		Estimated
Fair
Value 		Cost or
Amortized
Cost 		Estimated
Fair
Value
Due in one year or less $ 1,585 $ 1,565 $ 1,121 $ 1,091
Due after one year through five years 11,948 11,800 11,563 11,180
Due after five years through ten years 13,333 12,959 13,359 12,573
Due after ten years 16,685 16,255 16,371 15,581
Total $ 43,551 $ 42,579 $ 42,414 $ 40,425
Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.
Investment Commitments
As part of its overall investment strategy, the Company invests in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications, and obligations related to private placement securities. As of September 30, 2024, the Company had commitments to purchase or fund approximately $ 1,645 million and sell approximately $ 90 million under the terms of these investments.
Related Party Investment
During the three months ended September 30, 2024, the Company invested in a commercial mortgage-backed securitization whose underlying mortgage loan is an obligation of an affiliate of Loews that matures in September of 2034. The Company purchased $ 50 million of par at issuance across three separate investment grade tranches of the $ 305 million securitization. The Company's position in this commercial mortgage-backed securitization is included in the Fixed maturity securities at fair value line on the Condensed Consolidated Balance Sheets and was $ 52 million as of September 30, 2024. The Company recognized less than $ 1 million of income in Net investment income related to this investment during the three months ended September 30, 2024.

17
Mortgage Loans
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).
September 30, 2024
Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions) 2024 2023 2022 2021 2020 Prior Total
DSCR ≥1.6x
LTV less than 55% $ — $ 33 $ 9 $ 2 $ 97 $ 242 $ 383
LTV 55% to 65% — — — 5 — — 5
LTV greater than 65% — — 30 12 — — 42
DSCR 1.2x - 1.6x
LTV less than 55% — 28 5 — 13 50 96
LTV 55% to 65% 43 20 36 36 4 31 170
LTV greater than 65% — 13 64 — 20 — 97
DSCR ≤1.2
LTV less than 55% — — — — — — —
LTV 55% to 65% — 32 75 — — 41 148
LTV greater than 65% — — 28 21 — 48 97
Total $ 43 $ 126 $ 247 $ 76 $ 134 $ 412 $ 1,038
(1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index.
As of September 30, 2024, accrued interest receivable on mortgage loans totaled $ 4 million and is excluded from the amortized cost basis disclosed in the table above and the estimate of expected credit losses.


18
Note D. Fair Value
Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable.
Level 1 - Quoted prices for identical instruments in active markets.
Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.
Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are not observable.
Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, the Company seeks to price securities using third-party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs the Company believes market participants would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted by the Company.
The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include i) the review of pricing service methodologies or broker pricing qualifications, ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria, and iv) deep dives, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities.
19
Assets and Liabilities Measured at Fair Value
Assets and liabilities measured at fair value on a recurring basis are presented in the following tables. Corporate bonds and other includes obligations of the United States of America (U.S.) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
September 30, 2024 Total
Assets/Liabilities
at Fair Value
(In millions) Level 1 Level 2 Level 3
Assets
Fixed maturity securities:
Corporate bonds and other $ 225 $ 25,289 $ 1,237 $ 26,751
States, municipalities and political subdivisions — 7,103 45 7,148
Asset-backed — 7,765 915 8,680
Total fixed maturity securities 225 40,157 2,197 42,579
Equity securities:
Common stock 171 — 12 183
Non-redeemable preferred stock 47 436 2 485
Total equity securities 218 436 14 668
Short-term and other 1,691 30 — 1,721
Total assets $ 2,134 $ 40,623 $ 2,211 $ 44,968
Liabilities
Other liabilities $ — $ — $ — $ —
Total liabilities $ — $ — $ — $ —

December 31, 2023 Total
Assets/Liabilities
at Fair Value
(In millions) Level 1 Level 2 Level 3
Assets
Fixed maturity securities:
Corporate bonds and other $ 161 $ 23,926 $ 1,045 $ 25,132
States, municipalities and political subdivisions — 7,348 44 7,392
Asset-backed — 7,000 901 7,901
Total fixed maturity securities 161 38,274 1,990 40,425
Equity securities:
Common stock 167 — 24 191
Non-redeemable preferred stock 52 440 — 492
Total equity securities 219 440 24 683
Short-term and other 1,976 32 — 2,008
Total assets $ 2,356 $ 38,746 $ 2,014 $ 43,116
Liabilities
Other liabilities $ — $ 1 $ — $ 1
Total liabilities $ — $ 1 $ — $ 1
20
The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
Level 3
(In millions)
Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total
Balance as of July 1, 2024 $ 1,129 $ 43 $ 887 $ 14 $ 2,073
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses) — — ( 3 ) — ( 3 )
Reported in Net investment income — — 4 — 4
Reported in Other comprehensive income (loss) 59 2 30 — 91
Total realized and unrealized investment gains (losses) 59 2 31 — 92
Purchases 83 — 38 — 121
Sales ( 10 ) — — — ( 10 )
Settlements ( 24 ) — ( 23 ) — ( 47 )
Transfers into Level 3 — — — — —
Transfers out of Level 3 — — ( 18 ) — ( 18 )
Balance as of September 30, 2024 $ 1,237 $ 45 $ 915 $ 14 $ 2,211
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Net income (loss) in the period $ — $ — $ — $ — $ —
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Other comprehensive income (loss) in the period 57 2 30 — 89
Level 3
(In millions)
Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total
Balance as of July 1, 2023 $ 971 $ 43 $ 883 $ 26 $ 1,923
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses) — — ( 4 ) — ( 4 )
Reported in Net investment income — — 5 ( 1 ) 4
Reported in Other comprehensive income (loss) ( 36 ) ( 2 ) ( 28 ) — ( 66 )
Total realized and unrealized investment gains (losses) ( 36 ) ( 2 ) ( 27 ) ( 1 ) ( 66 )
Purchases 29 — 61 — 90
Sales — — — ( 2 ) ( 2 )
Settlements ( 19 ) — ( 13 ) — ( 32 )
Transfers into Level 3 — — — — —
Transfers out of Level 3 — — ( 7 ) — ( 7 )
Balance as of September 30, 2023 $ 945 $ 41 $ 897 $ 23 $ 1,906
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Net income (loss) in the period $ — $ — $ — $ ( 1 ) $ ( 1 )
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Other comprehensive income (loss) in the period ( 36 ) ( 2 ) ( 28 ) — ( 66 )
21
Level 3
(In millions)
Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total
Balance as of January 1, 2024 $ 1,045 $ 44 $ 901 $ 24 $ 2,014
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses) — — ( 10 ) — ( 10 )
Reported in Net investment income — — 15 6 21
Reported in Other comprehensive income (loss) 39 1 14 — 54
Total realized and unrealized investment gains (losses) 39 1 19 6 65
Purchases 229 — 111 3 343
Sales ( 10 ) — ( 14 ) ( 19 ) ( 43 )
Settlements ( 77 ) — ( 65 ) — ( 142 )
Transfers into Level 3 11 — — — 11
Transfers out of Level 3 — — ( 37 ) — ( 37 )
Balance as of September 30, 2024 $ 1,237 $ 45 $ 915 $ 14 $ 2,211
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Net income (loss) in the period $ — $ — $ — $ 2 $ 2
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Other comprehensive income (loss) in the period 34 1 14 — 49

Level 3
(In millions)
Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total
Balance as of January 1, 2023 $ 810 $ 43 $ 788 $ 35 $ 1,676
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses) — — ( 5 ) — ( 5 )
Reported in Net investment income — — 15 ( 8 ) 7
Reported in Other comprehensive income (loss) ( 27 ) ( 2 ) ( 28 ) — ( 57 )
Total realized and unrealized investment gains (losses) ( 27 ) ( 2 ) ( 18 ) ( 8 ) ( 55 )
Purchases 178 — 203 — 381
Sales — — — ( 4 ) ( 4 )
Settlements ( 27 ) — ( 39 ) — ( 66 )
Transfers into Level 3 11 — 23 — 34
Transfers out of Level 3 — — ( 60 ) — ( 60 )
Balance as of September 30, 2023 $ 945 $ 41 $ 897 $ 23 $ 1,906
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Net income (loss) in the period $ — $ — $ — $ ( 8 ) $ ( 8 )
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2023 recognized in Other comprehensive income (loss) in the period ( 27 ) ( 2 ) ( 28 ) — ( 57 )
Securities may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security. The availability of observable market information and quoted prices varies based on market conditions and trading volume.
22
Valuation Methodologies and Inputs
The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified.
Fixed Maturity Securities
Level 1 securities include highly liquid government securities and exchange traded bonds, valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology, or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are primarily assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with some inputs that are not market observable.
Equity Securities
Level 1 equity securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with some inputs that are not market observable.
Short-Term and Other Invested Assets
Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds and treasury bills. Level 2 primarily includes non-U.S. government securities for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short-term investments as presented in the tables above differ from the amounts presented on the Condensed Consolidated Balance Sheets because certain short-term investments, such as time deposits, are not measured at fair value.
As of September 30, 2024 and December 31, 2023, there were $ 77 million and $ 75 million of overseas deposits within Other invested assets, which can be redeemed at net asset value in 90 days or less. Overseas deposits are excluded from the fair value hierarchy because their fair value is recorded using the net asset value per share (or equivalent) practical expedient.
Other Liabilities
Level 2 securities include currency forward contracts valued using observable market forward rates.
23
Significant Unobservable Inputs
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average rate is calculated based on fair value.
September 30, 2024 Estimated Fair Value
(In millions) 		Valuation Technique(s) Unobservable Input(s) Range
(Weighted Average)
Fixed maturity securities $ 1,713 Discounted cash flow Credit spread
1 % - 6 % ( 2 %)
December 31, 2023 Estimated Fair Value
(In millions) 		Valuation Technique(s) Unobservable Input(s) Range
(Weighted Average)
Fixed maturity securities $ 1,495 Discounted cash flow Credit spread
1 % - 7 % ( 2 %)
For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.
Financial Assets and Liabilities Not Measured at Fair Value
The carrying amount and estimated fair value of the Company's financial assets and liabilities which are not measured at fair value on the Condensed Consolidated Balance Sheets are presented in the following tables.
September 30, 2024 Carrying
Amount 		Estimated Fair Value
(In millions) Level 1 Level 2 Level 3 Total
Assets
Mortgage loans $ 1,003 $ — $ — $ 988 $ 988
Liabilities
Short-term debt $ — $ — $ — $ — $ —
Long-term debt 2,972 — 2,952 — 2,952
December 31, 2023 Carrying
Amount 		Estimated Fair Value
(In millions) Level 1 Level 2 Level 3 Total
Assets
Mortgage loans $ 1,035 $ — $ — $ 997 $ 997
Liabilities
Short-term debt $ 550 $ — $ 546 $ — $ 546
Long-term debt 2,481 — 2,385 — 2,385
The carrying amounts reported on the Condensed Consolidated Balance Sheets for Cash, Short-term investments not carried at fair value, Accrued investment income and certain Other assets and Other liabilities approximate fair value due to the short-term nature of these items. These assets and liabilities are not listed in the tables above.
24

Note E. Claim and Claim Adjustment Expense Reserves
Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (IBNR) claims as of the reporting date. The Company's reserve projections are based primarily on detailed analysis of the facts in each case, the Company's experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.
Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers' compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for the Company's structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, the Company's actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the Company's ultimate cost for insurance losses will not exceed current estimates.
Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in our results of operations and/or equity. The Company reported catastrophe losses, net of reinsurance, of $ 143 million and $ 313 million for the three and nine months ended September 30, 2024 primarily related to severe weather related events, including $ 55 million for Hurricane Helene. The Company reported catastrophe losses, net of reinsurance, of $ 94 million and $ 214 million for the three and nine months ended September 30, 2023 primarily related to severe weather related events.

25
Liability for Unpaid Claim and Claim Adjustment Expenses
The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.
For the nine months ended September 30
(In millions) 2024 2023
Reserves, beginning of year:
Gross $ 23,304 $ 22,120
Ceded 5,141 5,191
Net reserves, beginning of year 18,163 16,929
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year 4,706 4,221
Increase (decrease) in provision for insured events of prior years 26 43
Amortization of discount 30 33
Total net incurred (1)
4,762 4,297
Net payments attributable to:
Current year events ( 655 ) ( 588 )
Prior year events ( 3,189 ) ( 2,953 )
Total net payments ( 3,844 ) ( 3,541 )
Foreign currency translation adjustment and other 35 ( 30 )
Net reserves, end of period 19,116 17,655
Ceded reserves, end of period 5,442 5,181
Gross reserves, end of period $ 24,558 $ 22,836
(1) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Condensed Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders' dividends, which are not reflected in the table above.
Net Prior Year Development
Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development (development). These changes can be favorable or unfavorable. The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments.
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Pretax (favorable) unfavorable development:
Specialty $ — $ ( 5 ) $ ( 8 ) $ ( 9 )
Commercial ( 3 ) ( 2 ) ( 11 ) ( 17 )
International ( 2 ) — ( 5 ) 15
Corporate & Other 22 20 57 55
Total pretax (favorable) unfavorable development $ 17 $ 13 $ 33 $ 44
Unfavorable development of $ 22 million and $ 57 million was recorded within the Corporate & Other segment for the three and nine months ended September 30, 2024 and unfavorable development of $ 20 million and $ 55 million was recorded for the three and nine months ended September 30, 2023, largely associated with legacy mass tort abuse claims.
26
Specialty
The following table presents further detail of the development recorded for the Specialty segment.
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Pretax (favorable) unfavorable development:
Medical Professional Liability $ — $ — $ ( 2 ) $ 9
Other Professional Liability and Management Liability 11 17 28 16
Surety ( 20 ) ( 21 ) ( 46 ) ( 28 )
Warranty 7 ( 2 ) 20 ( 11 )
Other 2 1 ( 8 ) 5
Total pretax (favorable) unfavorable development $ — $ ( 5 ) $ ( 8 ) $ ( 9 )
Three Months
2024
Unfavorable development in other professional liability and management liability was primarily due to higher than expected large claim severity in the Company's directors and officers (D&O) business in accident year 2019.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
2023
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company’s cyber and professional errors and omissions (E&O) businesses in multiple accident years.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Nine Months
2024
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional E&O and cyber businesses.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year.
2023
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company’s cyber and professional E&O businesses in multiple accident years.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Favorable development in warranty was due to lower than expected loss emergence in a recent accident year.
27
Commercial
The following table presents further detail of the development recorded for the Commercial segment.
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Pretax (favorable) unfavorable development:
Commercial Auto $ 25 $ — $ 46 $ 11
General Liability 28 — 47 70
Workers' Compensation ( 57 ) ( 2 ) ( 106 ) ( 100 )
Property and Other 1 — 2 2
Total pretax (favorable) unfavorable development $ ( 3 ) $ ( 2 ) $ ( 11 ) $ ( 17 )
Three and Nine Months
2024
Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.
Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to 2015.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in accident years 2018 and prior.
Nine Months
2023
Unfavorable development in commercial auto was due to higher than expected claim severity in the Company’s construction business in a recent accident year.
Unfavorable development in general liability was due to higher than expected claim severity in the Company’s construction and middle market businesses across multiple accident years.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
28
International
The following table presents further detail of the development recorded for the International segment.
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Pretax (favorable) unfavorable development:
Commercial $ ( 13 ) $ — $ ( 7 ) $ ( 5 )
Specialty 11 — 2 22
Other — — — ( 2 )
Total pretax (favorable) unfavorable development $ ( 2 ) $ — $ ( 5 ) $ 15
Three Months
2024
Favorable development in commercial was due to lower than expected loss emergence across multiple accident years in the Company's marine and property businesses.
Unfavorable development in specialty was due to higher than expected large loss emergence across several accident years.
Nine Months
2023
Unfavorable development in Specialty was due to higher than expected large loss emergence in the Company’s professional liability business in accident year 2017.
29
Asbestos & Environmental Pollution (A&EP) Reserves
In 2010, Continental Casualty Company (CCC) together with several of the Company’s insurance subsidiaries completed a transaction with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., under which substantially all of the Company’s legacy A&EP liabilities were ceded to NICO through a Loss Portfolio Transfer (LPT). At the effective date of the transaction, the Company ceded approximately $ 1.6 billion of net A&EP claim and allocated claim adjustment expense reserves to NICO under a retroactive reinsurance agreement with an aggregate limit of $ 4.0 billion. The $ 1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $ 1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third-party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third-party reinsurance related to these liabilities. The Company paid NICO a reinsurance premium of $ 2.0 billion and transferred to NICO billed third-party reinsurance receivables related to A&EP claims with a net book value of $ 215 million, resulting in total consideration of $ 2.2 billion.
In years subsequent to the effective date of the LPT, the Company recognized adverse prior year development on its A&EP reserves resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $ 2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which the Company recognizes a change in the estimate of A&EP reserves that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders' benefits in the Condensed Consolidated Statements of Operations.
The impact of the LPT on the Condensed Consolidated Statements of Operations was the recognition of a retroactive reinsurance benefit of $ 11 million and $ 15 million for the three months ended September 30, 2024 and 2023 and $ 36 million and $ 38 million for the nine months ended September 30, 2024 and 2023. As of September 30, 2024 and December 31, 2023, the cumulative amounts ceded under the LPT were $ 3.6 billion. The unrecognized deferred retroactive reinsurance benefit was $ 382 million and $ 417 million as of September 30, 2024 and December 31, 2023 and is included within Other liabilities on the Condensed Consolidated Balance Sheets.
NICO established a collateral trust account as security for its obligations to the Company. The fair value of the collateral trust account was $ 2.3 billion as of September 30, 2024. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to the majority of the Company’s A&EP claims.
Credit Risk for Ceded Reserves
The majority of the Company’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements.
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Note F. Future Policy Benefits Reserves
Future policy benefits reserves are associated with the Company's run-off long-term care business, included in the Life & Group segment, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the liability for future policyholder benefits (LFPB) which is reflected as Insurance reserves: Future policy benefits on the Condensed Consolidated Balance Sheet.
The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, the Company’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to the Company’s expectations.
Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered.
The cash flow assumption updates for the third quarter of 2024 resulted in a $ 15 million pretax increase in the LFPB. Included in the assumption updates was a favorable impact from outperformance on premium rate assumptions and unfavorable impact from higher cost of care inflation.
The cash flow assumption updates for the third quarter 2023 resulted in an $ 8 million pretax increase to the LFPB. Persistency updates were unfavorable due to revisions to lapse rates. Morbidity updates were favorable driven by claim severity assumption updates, and there was a favorable impact from outperformance on premium rate assumptions.
See Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2023 for further information on the long-term care reserving process.


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The following table summarizes balances and changes in the LFPB.
(In millions)
2024 2023
Present value of future net premiums
Balance, January 1 $ 3,710 $ 3,993
Effect of changes in discount rate ( 125 ) ( 74 )
Balance, January 1, at original locked in discount rate 3,585 3,919
Effect of changes in cash flow assumptions (1)
111 28
Effect of actual variances from expected experience (1)
( 40 ) ( 112 )
Adjusted balance, January 1 3,656 3,835
Interest accrual 139 153
Net premiums: earned during period ( 317 ) ( 332 )
Balance, end of period at original locked in discount rate 3,478 3,656
Effect of changes in discount rate 147 ( 67 )
Balance, September 30 $ 3,625 $ 3,589
Present value of future benefits & expenses
Balance, January 1 $ 17,669 $ 17,472
Effect of changes in discount rate ( 578 ) ( 125 )
Balance, January 1, at original locked in discount rate 17,091 17,347
Effect of changes in cash flow assumptions (1)
126 36
Effect of actual variances from expected experience (1)
33 ( 45 )
Adjusted balance, January 1 17,250 17,338
Interest accrual 693 723
Benefit & expense payments ( 883 ) ( 945 )
Balance, end of period at original locked in discount rate 17,060 17,116
Effect of changes in discount rate 612 ( 873 )
Balance, September 30 $ 17,672 $ 16,243
Net LFPB $ 14,047 $ 12,654
(1) As of September 30, 2024 and 2023 the re-measurement gain (loss) of $( 88 ) million and $( 75 ) million presented parenthetically on the Condensed Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.
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The following table presents earned premiums and interest expense associated with the Company’s long-term care business recognized on the Condensed Consolidated Statement of Operations.
Periods ended September 30 Three Months Nine Months
(In millions)
2024 2023 2024 2023
Earned premiums $ 110 $ 112 $ 329 $ 340
Interest expense 185 191 554 570
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
As of September 30
(In millions)
2024 2023
Expected future benefit and expense payments $ 32,009 $ 33,217
Expected future gross premiums 5,305 5,557
Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $ 3,792 million and $ 3,711 million as of September 30, 2024 and 2023.
The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years and 12 years as of September 30, 2024 and 2023.
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
As of September 30 As of December 31
2024 2023 2023
Original locked in discount rate 5.20 % 5.24 % 5.22 %
Upper-medium grade fixed income instrument discount rate 4.90 5.78 4.94
For the three and nine months ended September 30, 2024, immediate charges to net income resulting from adverse development that caused the Net Premium Ratio (NPR) to exceed 100% for certain cohorts were $ 84 million and $ 128 million. For the three and nine months ended September 30, 2023, immediate charges to net income resulting from adverse development that caused the NPR to exceed 100% were $ 109 million and $ 152 million.
For the three and nine months ended September 30, 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income was $ 20 million and $ 28 million. For the three and nine months ended September 30, 2023, the portion of losses recognized in a prior period due to NPR exceeding 100% which, due to favorable development, was reversed through net income was $ 26 million and $ 37 million.

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Note G . Legal Proceedings, Contingencies and Guarantees
The Company is a party to various claims and litigation incidental to its business, which, based on the facts and circumstances currently known, are not material to the Company's results of operations or financial position.
Guarantees
The Company has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of September 30, 2024, the potential amount of future payments the Company could be required to pay under these guarantees was approximately $ 1.4 billion, which will be paid over the lifetime of the annuitants. The Company does not believe any payment is likely under these guarantees, as the Company is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.
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Note H. Benefit Plans
The components of net periodic pension cost (benefit) are presented in the following table.
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Net periodic pension cost (benefit)
Interest cost on projected benefit obligation $ 21 $ 25 $ 65 $ 74
Expected return on plan assets ( 29 ) ( 29 ) ( 87 ) ( 89 )
Amortization of net actuarial loss 7 7 21 24
Pension settlement transaction loss (gain) 4 — 4 —
Total net periodic pension cost (benefit) $ 3 $ 3 $ 3 $ 9
The following table indicates the line items in which the non-service cost (benefit) is presented in the Condensed Consolidated Statements of Operations.
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Non-Service Cost (Benefit):
Insurance claims and policyholder's benefits $ 1 $ 1 $ 1 $ 2
Other operating expenses 2 2 2 7
Total net periodic pension cost (benefit) $ 3 $ 3 $ 3 $ 9
In the third quarter of 2024, a subsidiary of CNAF, as a sponsor of the CNA Canada Employee Pension Plan (the Canada Plan), purchased a nonparticipating single premium group annuity contract, under which the defined benefit pension obligation of the Canada Plan was transferred in full to an insurance company counterparty. As a result of the transaction, the Company recognized a one-time, non-cash, pretax pension settlement charge of $ 4 million ($ 3 million after-tax).

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Note I. Accumulated Other Comprehensive Income (Loss) by Component
The tables below display the changes in Accumulated other comprehensive income (loss) by component.
(In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts Cumulative foreign currency translation adjustment Total
Balance as of July 1, 2024
$ ( 10 ) $ ( 2,074 ) $ ( 513 ) $ 255 $ ( 205 ) $ ( 2,547 )
Other comprehensive income (loss) before reclassifications ( 9 ) 1,254 — ( 623 ) 63 685
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $ 2 , $ 3 , $ 3 , $ — , $ — and $ 8
( 6 ) ( 11 ) ( 8 ) — — ( 25 )
Other comprehensive income (loss) net of tax (expense) benefit of $ 1 , $( 340 ), $( 3 ), $ 165 , $ — and $( 177 )
( 3 ) 1,265 8 ( 623 ) 63 710
Balance as of September 30, 2024
$ ( 13 ) $ ( 809 ) $ ( 505 ) $ ( 368 ) $ ( 142 ) $ ( 1,837 )
(In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts Cumulative foreign currency translation adjustment Total
Balance as of July 1, 2023
$ ( 16 ) $ ( 2,481 ) $ ( 577 ) $ ( 181 ) $ ( 170 ) $ ( 3,425 )
Other comprehensive income (loss) before reclassifications ( 9 ) ( 1,105 ) — 818 ( 55 ) ( 351 )
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $ 2 , $ 6 , $ 1 , $ — , $ — and $ 9
( 8 ) ( 21 ) ( 6 ) — — ( 35 )
Other comprehensive income (loss) net of tax (expense) benefit of $ 1 , $ 289 , $( 1 ), $( 217 ), $ — and $ 72
( 1 ) ( 1,084 ) 6 818 ( 55 ) ( 316 )
Balance as of September 30, 2023
$ ( 17 ) $ ( 3,565 ) $ ( 571 ) $ 637 $ ( 225 ) $ ( 3,741 )






36
(In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts Cumulative foreign currency translation adjustment Total
Balance as of January 1, 2024 $ ( 12 ) $ ( 1,613 ) $ ( 525 ) $ ( 359 ) $ ( 163 ) $ ( 2,672 )
Other comprehensive income (loss) before reclassifications ( 14 ) 765 — ( 9 ) 21 763
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $ 4 , $ 10 , $ 5 , $ — , $ — and $ 19
( 13 ) ( 39 ) ( 20 ) — — ( 72 )
Other comprehensive income (loss) net of tax (expense) benefit of $ — , $( 216 ), $( 5 ), $ 2 , $ — and $( 219 )
( 1 ) 804 20 ( 9 ) 21 835
Balance as of September 30, 2024
$ ( 13 ) $ ( 809 ) $ ( 505 ) $ ( 368 ) $ ( 142 ) $ ( 1,837 )
(In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts Cumulative foreign currency translation adjustment Total
Balance as of January 1, 2023, as previously reported
$ ( 7 ) $ ( 2,738 ) $ ( 591 ) $ — $ ( 221 ) $ ( 3,557 )
Cumulative effect adjustment from changes in accounting guidance, net of tax (expense) benefit of $ — , $ — , $ — , $ 11 , $ — and $ 11
— — — ( 41 ) — ( 41 )
Balance as of January 1, 2023
( 7 ) ( 2,738 ) ( 591 ) ( 41 ) ( 221 ) ( 3,598 )
Other comprehensive income (loss) before reclassifications ( 25 ) ( 880 ) — 678 ( 4 ) ( 231 )
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $ 4 , $ 14 , $ 5 , $ — , $ — and $ 23
( 15 ) ( 53 ) ( 20 ) — — ( 88 )
Other comprehensive income (loss) net of tax (expense) benefit of $ 3 , $ 221 , $( 5 ), $( 180 ), $ — and $ 39
( 10 ) ( 827 ) 20 678 ( 4 ) ( 143 )
Balance as of September 30, 2023
$ ( 17 ) $ ( 3,565 ) $ ( 571 ) $ 637 $ ( 225 ) $ ( 3,741 )

Amounts reclassified from Accumulated other comprehensive income (loss) shown above are reported in Net income (loss) as follows:
Component of AOCI Condensed Consolidated Statements of Operations Line Item Affected by Reclassifications
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments Net investment gains (losses)
Pension and postretirement benefits Other operating expenses and Insurance claims and policyholders' benefits
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Note J. 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, 2023. 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), which is derived from certain income statement amounts. 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.
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.
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The Company's results of operations and selected balance sheet items by segment are presented in the following tables.
Three months ended September 30, 2024
Specialty
Commercial 		International Life &
Group 		Corporate
& Other
(In millions) Eliminations Total
Operating revenues
Net earned premiums $ 848 $ 1,325 $ 311 $ 110 $ — $ ( 1 ) $ 2,593
Net investment income 157 183 32 240 14 — 626
Non-insurance warranty revenue 401 — — — — — 401
Other revenues 1 5 — — 3 ( 1 ) 8
Total operating revenues 1,407 1,513 343 350 17 ( 2 ) 3,628
Claims, benefits and expenses
Net incurred claims and benefits 509 954 195 336 16 — 2,010
Policyholders’ dividends 2 7 — — — — 9
Amortization of deferred acquisition costs 188 209 60 — — — 457
Non-insurance warranty expense 387 — — — — — 387
Other insurance related expenses 90 158 44 30 — ( 1 ) 321
Other expenses 13 8 ( 8 ) 1 56 ( 1 ) 69
Total claims, benefits and expenses (1)
1,189 1,336 291 367 72 ( 2 ) 3,253
Core income (loss) before income tax 218 177 52 ( 17 ) ( 55 ) — 375
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) Excludes the impact of pension settlement transaction gains (losses). See Note H to the Condensed Consolidated Financial Statements for additional information.

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Three months ended September 30, 2023
Specialty
Commercial 		International Life &
Group 		Corporate
& Other
(In millions) Eliminations Total
Operating revenues
Net earned premiums $ 829 $ 1,170 $ 296 $ 112 $ — $ ( 1 ) $ 2,406
Net investment income 136 156 26 216 19 — 553
Non-insurance warranty revenue 407 — — — — — 407
Other revenues — 9 ( 1 ) — 2 ( 2 ) 8
Total operating revenues 1,372 1,335 321 328 21 ( 3 ) 3,374
Claims, benefits and expenses
Net incurred claims and benefits 480 807 178 343 10 — 1,818
Policyholders’ dividends 2 6 — — — — 8
Amortization of deferred acquisition costs 175 188 63 — — — 426
Non-insurance warranty expense 386 — — — — — 386
Other insurance related expenses 89 156 20 29 1 ( 1 ) 294
Other expenses 13 11 6 ( 1 ) 51 ( 2 ) 78
Total claims, benefits and expenses 1,145 1,168 267 371 62 ( 3 ) 3,010
Core income (loss) before income tax 227 167 54 ( 43 ) ( 41 ) — 364
Income tax (expense) benefit on core income (loss) ( 49 ) ( 34 ) ( 14 ) 14 8 — ( 75 )
Core income (loss) $ 178 $ 133 $ 40 $ ( 29 ) $ ( 33 ) $ — 289
Net investment gains (losses) ( 38 )
Income tax (expense) benefit on net investment gains (losses) 7
Net investment gains (losses), after tax ( 31 )
Net income (loss) $ 258
40
Nine months ended September 30, 2024
Specialty
Commercial 		International Life &
Group 		Corporate
& Other
(In millions) Eliminations Total
Operating revenues
Net earned premiums $ 2,493 $ 3,774 $ 937 $ 329 $ — $ ( 1 ) $ 7,532
Net investment income 461 534 95 710 53 — 1,853
Non-insurance warranty revenue 1,212 — — — — — 1,212
Other revenues 1 23 — — 9 ( 7 ) 26
Total operating revenues 4,167 4,331 1,032 1,039 62 ( 8 ) 10,623
Claims, benefits and expenses
Net incurred claims and benefits 1,478 2,628 568 973 35 — 5,682
Policyholders’ dividends 7 19 — — — — 26
Amortization of deferred acquisition costs 546 608 182 — — — 1,336
Non-insurance warranty expense 1,169 — — — — — 1,169
Other insurance related expenses 267 454 129 88 — ( 1 ) 937
Other expenses 41 33 ( 5 ) 2 173 ( 7 ) 237
Total claims, benefits and expenses (1)
3,508 3,742 874 1,063 208 ( 8 ) 9,387
Core income (loss) before income tax 659 589 158 ( 24 ) ( 146 ) — 1,236
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
September 30, 2024
(In millions)
Reinsurance receivables $ 1,509 $ 1,456 $ 533 $ 86 $ 2,236 $ — $ 5,820
Insurance receivables 986 2,149 375 3 1 — 3,514
Deferred acquisition costs 413 400 130 — — — 943
Goodwill 117 — 30 — — — 147
Deferred non-insurance warranty acquisition expense 3,571 — — — — — 3,571
Insurance reserves
Claim and claim adjustment expenses 7,328 11,018 2,990 650 2,572 — 24,558
Unearned premiums 3,218 3,186 755 100 — — 7,259
Future policy benefits — — — 14,047 — — 14,047
Deferred non-insurance warranty revenue 4,594 — — — — — 4,594
(1) Excludes the impact of pension settlement transaction gains (losses). See Note H to the Condensed Consolidated Financial Statements for additional information.
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Nine months ended September 30, 2023
Specialty
Commercial 		International Life &
Group 		Corporate
& Other
(In millions) Eliminations Total
Operating revenues
Net earned premiums $ 2,438 $ 3,336 $ 888 $ 340 $ — $ ( 1 ) $ 7,001
Net investment income 407 470 74 659 43 — 1,653
Non-insurance warranty revenue 1,221 — — — — — 1,221
Other revenues — 22 — — 7 ( 7 ) 22
Total operating revenues 4,066 3,828 962 999 50 ( 8 ) 9,897
Claims, benefits and expenses
Net incurred claims and benefits 1,419 2,235 552 998 32 — 5,236
Policyholders’ dividends 5 17 — — — — 22
Amortization of deferred acquisition costs 508 532 168 — — — 1,208
Non-insurance warranty expense 1,154 — — — — — 1,154
Other insurance related expenses 269 456 102 89 2 ( 1 ) 917
Other expenses 39 27 2 — 136 ( 7 ) 197
Total claims, benefits and expenses 3,394 3,267 824 1,087 170 ( 8 ) 8,734
Core income (loss) before income tax 672 561 138 ( 88 ) ( 120 ) — 1,163
Income tax (expense) benefit on core income (loss) ( 146 ) ( 118 ) ( 36 ) 36 23 — ( 241 )
Core income (loss) $ 526 $ 443 $ 102 $ ( 52 ) $ ( 97 ) $ — 922
Net investment gains (losses) ( 105 )
Income tax (expense) benefit on net investment gains (losses) 21
Net investment gains (losses), after tax ( 84 )
Net income (loss) $ 838
December 31, 2023
(In millions)
Reinsurance receivables $ 1,281 $ 1,218 $ 468 $ 93 $ 2,374 $ — $ 5,434
Insurance receivables 1,053 2,024 388 5 — — 3,470
Deferred acquisition costs 392 371 133 — — — 896
Goodwill 117 — 29 — — — 146
Deferred non-insurance warranty acquisition expense 3,661 — — — — — 3,661
Insurance reserves
Claim and claim adjustment expenses 7,131 10,103 2,709 675 2,686 — 23,304
Unearned premiums 3,227 2,858 749 99 — — 6,933
Future policy benefits — — — 13,959 — — 13,959
Deferred non-insurance warranty revenue 4,694 — — — — — 4,694

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The following table presents operating revenues by line of business for each reportable segment.
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Specialty
Management & Professional Liability $ 753 $ 723 $ 2,215 $ 2,146
Surety 202 189 580 540
Warranty & Alternative Risks 452 460 1,372 1,380
Specialty revenues 1,407 1,372 4,167 4,066
Commercial
Middle Market 448 437 1,307 1,254
Construction 521 444 1,459 1,249
Small Business 161 160 472 470
Other Commercial 383 294 1,093 855
Commercial revenues 1,513 1,335 4,331 3,828
International
Canada 99 98 296 287
Europe 150 139 440 401
Hardy 94 84 296 274
International revenues 343 321 1,032 962
Life & Group revenues 350 328 1,039 999
Corporate & Other revenues 17 21 62 50
Eliminations ( 2 ) ( 3 ) ( 8 ) ( 8 )
Total operating revenues 3,628 3,374 10,623 9,897
Net investment gains (losses) ( 10 ) ( 38 ) ( 42 ) ( 105 )
Total revenues $ 3,618 $ 3,336 $ 10,581 $ 9,792
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Note K. Non-Insurance Revenues from Contracts with Customers
The Company had a deferred non-insurance warranty revenue balance of $ 4.6 billion and $ 4.7 billion reported under Liabilities as of September 30, 2024 and December 31, 2023. For the three and nine months ended September 30, 2024, the Company recognized $ 0.3 billion and $ 1.1 billion of revenues in each period that were included in the deferred revenue balance as of January 1, 2024. For the three and nine months ended September 30, 2023, the Company recognized $ 0.2 billion and $ 0.9 billion of revenues that were included in the deferred revenue balance as of January 1, 2023. For the three and nine months ended September 30, 2024 and 2023, non-insurance warranty revenue recognized from performance obligations related to prior periods due to a change in estimate was not material . The Company expects to recognize approximately $ 0.4 billion of the deferred revenue in the remainder of 2024, $ 1.3 billion in 2025, $ 1.0 billion in 2026 and $ 1.9 billion thereafter.
Note L. Subsequent Events
CNA Employee Retirement Plan Trust Settlement Transaction
In October of 2024, a subsidiary of CNAF, as a sponsor of the CNA Employee Retirement Plan Trust (the Plan), entered into a commitment agreement, with Metropolitan Life Insurance Company (the Insurer) under which the Plan purchased a nonparticipating single premium group annuity contract that transferred to the Insurer approximately $ 1,045 million of the Plan’s defined benefit pension obligations. The group annuity contract covers approximately 7,600 Plan participants and beneficiaries (the Transferred Participants), representing approximately 60 % of the Plan’s obligations. Under the group annuity contract, the Insurer has made an irrevocable commitment, and will be solely responsible, to pay the pension benefits of each Transferred Participant that are due on and after January 1, 2025. The purchase of the group annuity contract was funded directly by assets of the Plan and required no cash or asset contributions of the Company. As a result of the transaction, the Company will recognize a one-time, non-cash, pretax pension settlement charge of approximately $ 370 million ($ 290 million after-tax) in the fourth quarter of 2024. This charge is largely driven by the accelerated recognition of the Company’s actuarial pension loss from accumulated other comprehensive income into net income, which does not impact stockholder’s equity. This charge will not impact the Company’s fourth quarter or full year 2024 core income (loss) or cash flow.
Fourth Quarter 2024 Hurricane Milton Estimates
On October 9, 2024, Hurricane Milton made landfall in Florida. Pretax net catastrophe losses related to Hurricane Milton are currently estimated between approximately $ 25 million to $ 55 million, and are anticipated to be reflected in the Company's fourth quarter 2024 results.


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Item 2. Management's Discussion and Analysis (MD&A) of Financial Conditions and Results of Operations
OVERVIEW
The following discussion highlights significant factors affecting the Company. References to “we,” “our,” “us” or like terms refer to the business of CNA.
The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements included under Part I, Item 1 of this Form 10-Q and Item 1A Risk Factors and Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations, which are included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2023.
We utilize the core income (loss) financial measure to monitor our operations. 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 our primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding our defined benefit pension plans which are unrelated to our primary operations. 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 our primary operations. See further discussion regarding how we manage our business in Note J to the Condensed Consolidated Financial Statements included under Part I, Item 1. 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 Annual Report on Form 10-K on file with the Securities and Exchange Commission.
In evaluating the results of our Specialty, Commercial and International segments, we utilize the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio. Development-related items 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. 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. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate our underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance.
Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development within this MD&A. These changes can be favorable or unfavorable. Net prior year loss reserve development does not include the effect of any related acquisition expenses. Further information on our reserves is provided in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.
In addition, we also utilize 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. 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. Gross written premiums, excluding third-party captives, excludes business which is ceded to third-party captives, including business related to large warranty programs.
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We use underwriting gain (loss), calculated using GAAP financial results, to monitor our insurance operations. Underwriting gain (loss) is deemed to be a non-GAAP measure and is calculated pretax 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. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities which are managed separately from our investing activities. Underlying underwriting gain (loss) is deemed to be a non-GAAP measure that represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate profitability, before tax, of our underwriting activities, excluding the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance.
The following tables present a reconciliation of net income to underwriting gain (loss) and underlying underwriting gain (loss):
Results for the Three Months Ended September 30, 2024 Specialty Commercial International Property & Casualty
(In millions)
Net income $ 167 $ 132 $ 34 $ 333
Net investment losses, after tax 4 7 2 13
Core income $ 171 $ 139 $ 36 $ 346
Net investment income (157) (183) (32) (372)
Non-insurance warranty (revenue) expense (14) — — (14)
Other (revenue) expense, including interest expense 12 3 (8) 7
Income tax expense on core income 47 38 16 101
Underwriting gain (loss) 59 (3) 12 68
Effect of catastrophe losses — 127 16 143
Effect of favorable development-related items — — (2) (2)
Underlying underwriting gain $ 59 $ 124 $ 26 $ 209
Results for the Three Months Ended September 30, 2023 Specialty Commercial International Property & Casualty
(In millions)
Net income $ 165 $ 117 $ 40 $ 322
Net investment losses, after tax 13 16 — 29
Core income $ 178 $ 133 $ 40 $ 351
Net investment income (136) (156) (26) (318)
Non-insurance warranty (revenue) expense (21) — — (21)
Other (revenue) expense, including interest expense 13 2 7 22
Income tax expense on core income 49 34 14 97
Underwriting gain 83 13 35 131
Effect of catastrophe losses — 87 7 94
Effect of favorable development-related items (5) — — (5)
Underlying underwriting gain $ 78 $ 100 $ 42 $ 220







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Results for the Nine Months Ended September 30, 2024 Specialty Commercial International Property & Casualty
(In millions)
Net income $ 498 $ 436 $ 116 $ 1,050
Net investment losses, after tax 19 28 1 48
Core income $ 517 $ 464 $ 117 $ 1,098
Net investment income (461) (534) (95) (1,090)
Non-insurance warranty (revenue) expense (43) — — (43)
Other (revenue) expense, including interest expense 40 10 (5) 45
Income tax expense on core income 142 125 41 308
Underwriting gain 195 65 58 318
Effect of catastrophe losses — 285 28 313
Effect of favorable development-related items (8) — (5) (13)
Underlying underwriting gain $ 187 $ 350 $ 81 $ 618
Results for the Nine Months Ended September 30, 2023 Specialty Commercial International Property & Casualty
(In millions)
Net income $ 487 $ 390 $ 103 $ 980
Net investment losses (gains), after tax 39 53 (1) 91
Core income $ 526 $ 443 $ 102 $ 1,071
Net investment income (407) (470) (74) (951)
Non-insurance warranty (revenue) expense (67) — — (67)
Other (revenue) expense, including interest expense 39 5 2 46
Income tax expense on core income 146 118 36 300
Underwriting gain 237 96 66 399
Effect of catastrophe losses — 190 24 214
Effect of (favorable) unfavorable development-related items (7) (4) 15 4
Underlying underwriting gain $ 230 $ 282 $ 105 $ 617

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CRITICAL ACCOUNTING ESTIMATES
The preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the amount of revenues and expenses reported during the period. Actual results may differ from those estimates.
Our Condensed Consolidated Financial Statements and accompanying notes have been prepared in accordance with GAAP applied on a consistent basis. We continually evaluate the accounting policies and estimates used to prepare the Condensed Consolidated Financial Statements. In general, our estimates are based on historical experience, evaluation of current trends, information from third-party professionals and various other assumptions that are believed to be reasonable under the known facts and circumstances.
The accounting estimates discussed below are considered by us to be critical to an understanding of our Condensed Consolidated Financial Statements as their application places the most significant demands on our judgment:
• Insurance Reserves
• Long-Term Care Reserves
• Reinsurance and Insurance Receivables
• Valuation of Investments and Impairment of Securities
Due to the inherent uncertainties involved with these types of judgments, actual results could differ significantly from our estimates and may have a material adverse impact on our results of operations, financial condition, equity, business, and insurer financial strength and corporate debt ratings. See the Critical Accounting Estimates section of our Management's Discussion and Analysis of Financial Condition and Results of Operations included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023 for further information.

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CONSOLIDATED OPERATIONS
Results of Operations
The following table includes the consolidated results of our operations including our financial measure, core income (loss). For more detailed components of our business operations and a discussion of the core income (loss) financial measure, see the Segment Results section within this MD&A. For further discussion of Net investment income and Net investment gains or losses, see the Investments section of this MD&A.
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Operating Revenues
Net earned premiums $ 2,593 $ 2,406 $ 7,532 $ 7,001
Net investment income 626 553 1,853 1,653
Non-insurance warranty revenue 401 407 1,212 1,221
Other revenues 8 8 26 22
Total operating revenues 3,628 3,374 10,623 9,897
Claims, Benefits and Expenses
Net incurred claims and benefits (re-measurement loss of $(48), $(41), $(88) and $(75))
2,010 1,818 5,682 5,236
Policyholders' dividends 9 8 26 22
Amortization of deferred acquisition costs 457 426 1,336 1,208
Non-insurance warranty expense 387 386 1,169 1,154
Other insurance related expenses 321 294 937 917
Other expenses 69 78 237 197
Total claims, benefits and expenses 3,253 3,010 9,387 8,734
Core income before income tax 375 364 1,236 1,163
Income tax expense on core income (82) (75) (262) (241)
Core income 293 289 974 922
Net investment losses (10) (38) (42) (105)
Income tax benefit on net investment losses 3 7 9 21
Net investment losses, after tax (7) (31) (33) (84)
Pension settlement transaction losses (4) — (4) —
Income tax benefit on pension settlement transaction losses 1 — 1 —
Pension settlement transaction losses, after tax (3) — (3) —
Net income $ 283 $ 258 $ 938 $ 838
Three Month Comparison
Core income increased $4 million for the three months ended September 30, 2024 as compared with the same period in 2023. Core income for our Property & Casualty Operations decreased $5 million primarily driven by the largely offsetting impacts of higher catastrophe losses and higher net investment income. Core loss for our Life & Group segment improved $20 million, while core loss for our Corporate & Other segment increased $11 million.
Catastrophe losses were $143 million and $94 million for the three months ended September 30, 2024 and 2023, primarily related to severe weather related events. Catastrophe losses for the three months ended September 30, 2024 included $55 million for Hurricane Helene. Unfavorable net prior year loss reserve development of $17 million and $13 million was recorded for the three months ended September 30, 2024 and 2023 related to our Specialty, Commercial, International and Corporate & Other segments. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.


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Nine Month Comparison
Core income increased $52 million for the nine months ended September 30, 2024 as compared with the same period in 2023. Core income for our Property & Casualty Operations increased $27 million primarily driven by higher net investment income partially offset by higher catastrophe losses. Core loss for our Life & Group segment improved $47 million, while core loss for our Corporate & Other segment increased $22 million.
Catastrophe losses were $313 million and $214 million for the nine months ended September 30, 2024 and 2023, primarily related to severe weather related events. Catastrophe losses for the nine months ended September 30, 2024 included $55 million for Hurricane Helene. Unfavorable net prior year loss reserve development of $33 million and $44 million was recorded for the nine months ended September 30, 2024 and 2023 related to our Specialty, Commercial, International and Corporate & Other segments. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.
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SEGMENT RESULTS
The following discusses the results of operations for our business segments. Our property and casualty commercial insurance operations are managed and reported in three business segments: Specialty, Commercial and International, which we refer to collectively as Property & Casualty Operations. Our operations outside of Property & Casualty Operations are managed and reported in two segments: Life & Group and Corporate & Other.
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Specialty
The following table details the results of operations for Specialty and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio.
Periods ended September 30 Three Months Nine Months
(In millions, except ratios, rate, renewal premium change and retention) 2024 2023 2024 2023
Gross written premiums $ 1,743 $ 1,775 $ 5,153 $ 5,324
Gross written premiums excluding third-party captives 982 949 2,846 2,796
Net written premiums 862 825 2,511 2,438
Net earned premiums 848 829 2,493 2,438
Underwriting gain 59 83 195 237
Net investment income 157 136 461 407
Core income 171 178 517 526
Other performance metrics:
Loss Ratio 60.1 % 58.0 % 59.3 % 58.2 %
Expense ratio 32.7 31.8 32.5 31.9
Dividend ratio 0.2 0.3 0.3 0.2
Combined ratio 93.0 % 90.1 % 92.1 % 90.3 %
Effect of catastrophe impacts — — — —
Effect of development-related items — 0.6 0.3 0.3
Underlying combined ratio 93.0 % 90.7 % 92.4 % 90.6 %
Underlying loss ratio 60.1 % 58.6 % 59.6 % 58.5 %
Rate — % 1 % 1 % 1 %
Renewal premium change 2 2 2 2
Retention 89 87 89 88
New business $ 129 $ 121 $ 341 $ 349
Three Month Comparison
Gross written premiums, excluding third-party captives, for Specialty increased $33 million for the three months ended September 30, 2024 as compared with the same period in 2023 driven by retention and higher new business. Net written premiums for Specialty increased $37 million for the three months ended September 30, 2024 as compared with the same period in 2023. The increase in net earned premiums was consistent with the trend in net written premiums.
Core income decreased $7 million for the three months ended September 30, 2024 as compared with the same period in 2023 primarily due to lower underlying underwriting results and higher claim costs in our non-insurance auto warranty business, partially offset by higher net investment income.
The combined ratio of 93.0% increased 2.9 points for the three months ended September 30, 2024 as compared with the same period in 2023 primarily due to a 2.1 point increase in the loss ratio and a 0.9 point increase in the expense ratio. The increase in the loss ratio was primarily due to an increase in the underlying loss ratio primarily driven by continued pricing pressure in management liability lines over the last several quarters. There was no net prior year loss reserve development recorded for three months ended September 30, 2024 compared to favorable net prior year loss reserve development of $5 million for the three months ended September 30, 2023. The increase in the expense ratio was primarily driven by higher employee related costs. There were no catastrophe losses for three months ended September 30, 2024 and 2023.
Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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Nine Month Comparison
Gross written premiums, excluding third-party captives, for Specialty increased $50 million for the nine months ended September 30, 2024 as compared with the same period in 2023 driven by retention and favorable renewal premium change. Net written premiums for Specialty increased $73 million for the nine months ended September 30, 2024 as compared with the same period in 2023. The increase in net earned premiums was consistent with the trend in net written premiums.
Core income decreased $9 million for the nine months ended September 30, 2024 as compared with the same period in 2023 primarily due to lower underlying underwriting results and higher claim costs in our non-insurance auto warranty business partially offset by higher net investment income.
The combined ratio of 92.1% increased 1.8 points for the nine months ended September 30, 2024 as compared with the same period in 2023 primarily due to a 1.1 point increase in the loss ratio and a 0.6 point increase in the expense ratio. The increase in the loss ratio was due to an increase in the underlying loss ratio primarily driven by continued pricing pressure in management liability lines over the last several quarters. The increase in the expense ratio was driven by higher acquisition costs. There were no catastrophe losses for nine months ended September 30, 2024 and 2023.
Favorable net prior year loss reserve development of $8 million and $9 million was recorded for the nine months ended September 30, 2024 and 2023. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.
The following table summarizes the gross and net carried reserves for Specialty.
(In millions) September 30, 2024 December 31, 2023
Gross case reserves $ 1,910 $ 1,604
Gross IBNR reserves 5,418 5,527
Total gross carried claim and claim adjustment expense reserves $ 7,328 $ 7,131
Net case reserves $ 1,608 $ 1,392
Net IBNR reserves 4,325 4,524
Total net carried claim and claim adjustment expense reserves $ 5,933 $ 5,916

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Commercial
The following table details the results of operations for Commercial and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio.
Periods ended September 30 Three Months Nine Months
(In millions, except ratios, rate, renewal premium change and retention) 2024 2023 2024 2023
Gross written premiums $ 1,547 $ 1,343 $ 5,160 $ 4,504
Gross written premiums excluding third-party captives 1,538 1,340 5,022 4,384
Net written premiums 1,221 1,071 4,017 3,588
Net earned premiums 1,325 1,170 3,774 3,336
Underwriting (loss) gain (3) 13 65 96
Net investment income 183 156 534 470
Core income 139 133 464 443
Other performance metrics:
Loss ratio 72.0 % 68.9 % 69.7 % 67.0 %
Expense ratio 27.7 29.5 28.1 29.6
Dividend ratio 0.5 0.5 0.5 0.5
Combined ratio 100.2 % 98.9 % 98.3 % 97.1 %
Effect of catastrophe impacts (9.6) (7.4) (7.5) (5.7)
Effect of development-related items 0.1 — — 0.2
Underlying combined ratio 90.7 % 91.5 % 90.8 % 91.6 %
Underlying loss ratio 62.5 % 61.5 % 62.2 % 61.5 %
Rate 6 % 8 % 6 % 8 %
Renewal premium change 8 9 8 10
Retention 84 83 84 85
New business $ 345 $ 292 $ 1,117 $ 945
Three Month Comparison
Gross written premiums for Commercial increased $204 million for the three months ended September 30, 2024 as compared with the same period in 2023 driven by favorable renewal premium change and higher new business. Net written premiums for Commercial increased $150 million for the three months ended September 30, 2024 as compared with the same period in 2023. The increase in net earned premiums was consistent with the trend in net written premiums.
Core income increased $6 million for the three months ended September 30, 2024 as compared with the same period in 2023, driven by higher net investment income and improved underlying underwriting results partially offset by higher catastrophe losses.
The combined ratio of 100.2% increased 1.3 points for the three months ended September 30, 2024 as compared with the same period in 2023 due to a 3.1 point increase in the loss ratio partially offset by a 1.8 point improvement in the expense ratio. The increase in the loss ratio was driven by higher catastrophe losses and an increase in the underlying loss ratio driven by continuation of elevated loss cost trends in commercial auto and mix of business. Catastrophe losses were $127 million, or 9.6 points of the loss ratio, for the three months ended September 30, 2024, as compared with $87 million, or 7.4 points of the loss ratio, for the three months ended September 30, 2023. The improvement in the expense ratio was primarily driven by higher net earned premiums.
Favorable net prior year loss reserve development of $3 million and $2 million was recorded for the three months ended September 30, 2024 and 2023. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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Nine Month Comparison
Gross written premiums for Commercial increased $656 million for the nine months ended September 30, 2024 as compared with the same period in 2023 driven by favorable renewal premium change and higher new business. Net written premiums for Commercial increased $429 million for the nine months ended September 30, 2024 as compared with the same period in 2023. The increase in net earned premiums was consistent with the trend in net written premiums.
Core income increased $21 million for the nine months ended September 30, 2024 as compared with the same period in 2023, primarily driven by improved underlying underwriting results and higher net investment income partially offset by higher catastrophe losses.
The combined ratio of 98.3% increased 1.2 points for the nine months ended September 30, 2024 as compared with the same period in 2023 due to a 2.7 point increase in the loss ratio partially offset by a 1.5 point improvement in the expense ratio. The increase in the loss ratio was primarily driven by higher catastrophe losses. Catastrophe losses were $285 million, or 7.5 points of the loss ratio, for the nine months ended September 30, 2024, as compared with $190 million, or 5.7 points of the loss ratio, for the nine months ended September 30, 2023. The improvement in the expense ratio was primarily driven by higher net earned premiums.
Favorable net prior year loss reserve development of $11 million and $17 million was recorded for the nine months ended September 30, 2024 and 2023. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.
The following table summarizes the gross and net carried reserves for Commercial.
(In millions) September 30, 2024 December 31, 2023
Gross case reserves $ 3,483 $ 3,291
Gross IBNR reserves 7,535 6,812
Total gross carried claim and claim adjustment expense reserves $ 11,018 $ 10,103
Net case reserves $ 3,029 $ 2,878
Net IBNR reserves 6,703 6,143
Total net carried claim and claim adjustment expense reserves $ 9,732 $ 9,021
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International
The following table details the results of operations for International and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio.
Periods ended September 30 Three Months Nine Months
(In millions, except ratios, rate, renewal premium change and retention) 2024 2023 2024 2023
Gross written premiums $ 305 $ 306 $ 1,096 $ 1,125
Net written premiums 277 282 896 912
Net earned premiums 311 296 937 888
Underwriting gain 12 35 58 66
Net investment income 32 26 95 74
Core income 36 40 117 102
Other performance metrics:
Loss ratio 62.5 % 60.2 % 60.6 % 62.2 %
Expense ratio 33.6 28.1 33.1 30.3
Combined ratio 96.1 % 88.3 % 93.7 % 92.5 %
Effect of catastrophe impacts (5.1) (2.3) (3.0) (2.7)
Effect of development-related items 0.7 — 0.5 (1.7)
Underlying combined ratio 91.7 % 86.0 % 91.2 % 88.1 %
Underlying loss ratio 58.1 % 57.9 % 58.1 % 57.8 %
Rate (2) % 2 % — % 4 %
Renewal premium change 1 7 2 7
Retention 82 84 81 83
New business $ 73 $ 62 $ 213 $ 239
Three Month Comparison
Gross written premiums and gross written premiums excluding the effect of foreign currency exchange rates for International, for the three months ended September 30, 2024, were largely consistent with the same period in 2023. Net written premiums for International decreased $5 million for the three months ended September 30, 2024 as compared with the same period in 2023. Excluding the effects of foreign currency exchange rates, net written premiums decreased $4 million for the three months ended September 30, 2024 as compared with the same period in 2023. The increase in net earned premiums was consistent with the trend in net written premiums in recent quarters.
Core income decreased $4 million for the three months ended September 30, 2024 as compared with the same period in 2023 primarily driven by lower current accident year underwriting results partially offset by a favorable impact from changes in foreign currency exchange rates.
The combined ratio of 96.1% increased 7.8 points for the three months ended September 30, 2024 as compared with the same period in 2023 due to a 5.5 point increase in the expense ratio and a 2.3 point increase in the loss ratio. The increase in the expense ratio was driven by a favorable reinsurance acquisition related catch-up adjustment recorded in the prior year quarter and higher employee related costs in the current quarter. The increase in the loss ratio was driven by higher catastrophe losses partially offset by favorable net prior year loss reserve development. Catastrophe losses were $16 million, or 5.1 points of the loss ratio, for the three months ended September 30, 2024, as compared with $7 million, or 2.3 points of the loss ratio, for the three months ended September 30, 2023.
Favorable net prior year loss reserve development of $2 million was recorded for the three months ended September 30, 2024 compared to no net prior year loss reserve development for the three months ended September 30, 2023. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part 1, Item 1.
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Nine Month Comparison
Gross written premiums for International decreased $29 million for the nine months ended September 30, 2024 as compared with the same period in 2023. Excluding the effect of foreign currency exchange rates, gross written premiums decreased $37 million driven by lower new business. Net written premiums for International decreased $16 million for the nine months ended September 30, 2024 as compared with the same period in 2023. Excluding the effect of foreign currency exchange rates, net written premiums decreased $20 million for the nine months ended September 30, 2024 as compared with the same period in 2023. The increase in net earned premiums was consistent with the trend in net written premiums in recent quarters.
Core income increased $15 million for the nine months ended September 30, 2024 as compared with the same period in 2023 driven by higher net investment income and favorable net prior year loss reserve development in the current year period compared with unfavorable development in the prior year period, partially offset by lower underlying underwriting results. Favorable net prior year loss reserve development of $5 million was recorded for the nine months ended September 30, 2024 compared to unfavorable net prior year loss reserve development of $15 million for the nine months ended September 30, 2023.
The combined ratio of 93.7% increased 1.2 points for the nine months ended September 30, 2024 as compared with the same period in 2023 due to a 2.8 point increase in the expense ratio partially offset by a 1.6 point improvement in the loss ratio. The increase in the expense ratio was driven by higher employee related costs and a favorable reinsurance acquisition related catch-up adjustment recorded in the prior year period. The improvement in the loss ratio was driven by favorable net prior year loss reserve development partially offset by higher catastrophe losses. Catastrophe losses were $28 million, or 3.0 points of the loss ratio, for the nine months ended September 30, 2024, as compared with $24 million, or 2.7 points of the loss ratio, for the nine months ended September 30, 2023.
Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part 1, Item 1.
The following table summarizes the gross and net carried reserves for International.
(In millions) September 30, 2024 December 31, 2023
Gross case reserves $ 899 $ 864
Gross IBNR reserves 2,091 1,845
Total gross carried claim and claim adjustment expense reserves $ 2,990 $ 2,709
Net case reserves $ 753 $ 708
Net IBNR reserves 1,746 1,568
Total net carried claim and claim adjustment expense reserves $ 2,499 $ 2,276
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Life & Group
The following table summarizes the results of operations for Life & Group.
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Net earned premiums $ 110 $ 112 $ 329 $ 340
Claims, benefits and expenses 367 371 1,063 1,087
Net investment income 240 216 710 659
Core loss (9) (29) (5) (52)
Three Month Comparison
Core loss improved $20 million for the three months ended September 30, 2024 as compared with the same period in 2023 primarily due to higher net investment income. Both periods are inclusive of assumption updates as a result of the annual reserve reviews completed in the third quarter of each year.
The cash flow assumption updates from the annual reserve review for the three months ended September 30, 2024 and 2023 resulted in a pretax increase in long-term care reserves of $15 million and $8 million.
The annual structured settlement reserve review resulted in a pretax reduction in claim reserves of $9 million and $6 million for the three months ended September 30, 2024 and 2023.
Nine Month Comparison
Results for the nine months ended September 30, 2024 were generally consistent with the three month summary above.
Future Policy Benefit Reserves
Annually in the third quarter, an actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the liability for future policyholder benefits (LFPB). See Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2023 for further information on the long-term care reserving process.
The table below summarizes the estimated pretax impact on our results of operations from various hypothetical revisions to our LFPB reserve assumptions. We have assumed that revisions to such assumptions would occur in each policy type, age and duration within each long-term care product. The impact of each sensitivity is discrete and does not reflect the impact one factor may have on another or the mitigating impact from management actions, which may include additional future premium rate increases. Although such hypothetical revisions are not currently required or anticipated, we believe they could occur based on past variances in experience and our expectations of the ranges of future experience that could reasonably occur. Any actual adjustment would be dependent on the specific policies affected and, therefore, may differ from the estimates summarized below. The estimated impacts to results of operations in the table below are after consideration of any net premium ratio impacts.
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September 30, 2024
Estimated reduction to pretax income
Hypothetical revisions (In millions)
Morbidity:
2.5% increase in morbidity $ 290
5% increase in morbidity 590
Persistency:
5% decrease in active life mortality and lapse $ 160
10% decrease in active life mortality and lapse 310
Premium Rate Actions:
25% decrease in anticipated future premium rate increases $ 10
50% decrease in anticipated future premium rate increases 20
The following table summarizes policyholder reserves for Life & Group.
September 30, 2024
(In millions) Claim and claim adjustment expenses Future policy benefits Total
Long term care $ — $ 14,047 $ 14,047
Structured settlements and other 564 — 564
Total 564 14,047 14,611
Ceded reserves 86 — 86
Total gross reserves $ 650 $ 14,047 $ 14,697
December 31, 2023
(In millions) Claim and claim adjustment expenses Future policy benefits Total
Long term care $ — $ 13,959 $ 13,959
Structured settlements and other 582 — 582
Total 582 13,959 14,541
Ceded reserves 93 — 93
Total gross reserves $ 675 $ 13,959 $ 14,634
As part of the annual reserve review, statutory long term care reserve adequacy is evaluated via premium deficiency testing, by comparing carried statutory reserves with our best estimate reserves, which incorporates best estimate discount rate and liability assumptions in its determination. Statutory margin is the excess of carried reserves over best estimate reserves. As of September 30, 2024, statutory long term care margin increased to $1.4 billion from $1.3 billion, primarily driven by a more favorable interest rate environment resulting in a higher yielding investment portfolio.
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Corporate & Other
The following table summarizes the results of operations for the Corporate & Other segment, including intersegment eliminations.
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Net investment income $ 14 $ 19 $ 53 $ 43
Insurance claims and policyholders' benefits 16 10 35 32
Interest expense 32 35 101 93
Core loss (44) (33) (119) (97)
Three Month Comparison
Core loss increased $11 million for the three months ended September 30, 2024 as compared with the same period in 2023 primarily driven by $3 million after-tax lower amortization of the deferred gain related to the asbestos and environmental pollution (A&EP) Loss Portfolio Transfer (LPT) and a $3 million after-tax charge related to office consolidation. The current and prior year quarters include a $17 million and $16 million after-tax charge related to unfavorable prior year loss reserve development largely associated with legacy mass tort abuse claims. Further information on the A&EP LPT and net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.
Nine Month Comparison
Core loss increased $22 million for the nine months ended September 30, 2024 as compared with the same period in 2023. The current year period includes $13 million of after-tax charges related to office consolidation.
The following table summarizes the gross and net carried reserves for Corporate & Other.
(In millions) September 30, 2024 December 31, 2023
Gross case reserves $ 1,285 $ 1,353
Gross IBNR reserves 1,287 1,333
Total gross carried claim and claim adjustment expense reserves $ 2,572 $ 2,686
Net case reserves $ 116 $ 129
Net IBNR reserves 272 239
Total net carried claim and claim adjustment expense reserves $ 388 $ 368

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INVESTMENTS
Net Investment Income
The significant components of Net investment income are presented in the following table. Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Fixed income securities:
Taxable fixed income securities $ 490 $ 457 $ 1,446 $ 1,331
Tax-exempt fixed income securities 35 43 109 138
Total fixed income securities 525 500 1,555 1,469
Limited partnership and common stock investments 80 28 226 124
Other, net of investment expense 21 25 72 60
Net investment income $ 626 $ 553 $ 1,853 $ 1,653
Effective income yield for the fixed income securities portfolio 4.8 % 4.7 % 4.8 % 4.6 %
Limited partnership and common stock return for the period 3.1 % 1.3 % 9.4 % 5.8 %
Net investment income increased $73 million and $200 million for the three and nine months ended September 30, 2024 as compared with the same periods in 2023 driven by favorable limited partnership and common stock returns, as well as higher income from fixed income securities as a result of favorable reinvestment rates and a larger invested asset base.
Net Investment (Losses) Gains
The components of Net investment (losses) gains are presented in the following table.
Periods ended September 30 Three Months Nine Months
(In millions) 2024 2023 2024 2023
Fixed maturity securities:
Corporate bonds and other $ (17) $ (11) $ (38) $ (46)
States, municipalities and political subdivisions (1) (4) (3) 3
Asset-backed (4) (22) (25) (43)
Total fixed maturity securities (22) (37) (66) (86)
Non-redeemable preferred stock 13 2 25 (9)
Derivatives, short-term and other (1) 2 (1) 1
Mortgage loans — (5) — (11)
Net investment losses (10) (38) (42) (105)
Income tax benefit on net investment losses 3 7 9 21
Net investment losses, after tax $ (7) $ (31) $ (33) $ (84)
Pretax net investment losses decreased $28 million for the three months ended September 30, 2024 as compared with the same period in 2023 driven by lower net losses on disposals of fixed maturity securities and the favorable change in fair value of non-redeemable preferred stock.
Pretax net investment losses decreased $63 million for the nine months ended September 30, 2024 as compared with the same period in 2023 driven by the favorable change in fair value of non-redeemable preferred stock, lower impairment losses and lower net losses on disposals of fixed maturity securities.
Further information on our investment gains and losses is set forth in Note C to the Condensed Consolidated Financial Statements included under Part 1, Item 1.
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Portfolio Quality
The following table presents the estimated fair value and net unrealized gains (losses) of our fixed maturity securities by rating distribution.
September 30, 2024 December 31, 2023

(In millions) 		Estimated Fair Value Net Unrealized Gains (Losses) Estimated Fair Value Net Unrealized Gains (Losses)
U.S. Government, Government agencies and Government-sponsored enterprises $ 3,065 $ (242) $ 2,795 $ (298)
AAA 3,043 (119) 2,727 (169)
AA 6,544 (303) 6,444 (420)
A 10,745 (42) 9,910 (223)
BBB 17,305 (177) 16,670 (744)
Non-investment grade 1,877 (71) 1,879 (119)
Total $ 42,579 $ (954) $ 40,425 $ (1,973)
As of September 30, 2024 and December 31, 2023, 1% of our fixed maturity portfolio was rated internally. AAA rated securities included $0.2 billion of prefunded municipal bonds as of September 30, 2024 and December 31, 2023.
The following table presents available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution.
September 30, 2024
(In millions) Estimated Fair Value Gross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises $ 2,127 $ 265
AAA 1,277 221
AA 3,641 547
A 5,229 405
BBB 9,243 689
Non-investment grade 883 109
Total $ 22,400 $ 2,236
The following table presents the maturity profile for these available-for-sale fixed maturity securities. Securities not due to mature on a single date are allocated based on weighted average life.
September 30, 2024
(In millions) Estimated Fair Value Gross Unrealized Losses
Due in one year or less $ 1,306 $ 24
Due after one year through five years 6,898 294
Due after five years through ten years 6,696 728
Due after ten years 7,500 1,190
Total $ 22,400 $ 2,236
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Duration
A primary objective in the management of the investment portfolio is to optimize return relative to the corresponding liabilities and respective liquidity needs. Our views on the current interest rate environment, tax regulations, asset class valuations, specific security issuer and broader industry segment conditions as well as domestic and global economic conditions, are some of the factors that enter into an investment decision. We also continually monitor exposure to issuers of securities held and broader industry sector exposures and may from time to time adjust such exposures based on our views of a specific issuer or industry sector.
A further consideration in the management of the investment portfolio is the characteristics of the corresponding liabilities and the ability to align the duration of the portfolio to those liabilities and to meet future liquidity needs, minimize interest rate risk and maintain a level of income sufficient to support the underlying insurance liabilities. For portfolios where future liability cash flows are determinable and typically long-term in nature, we segregate investments for asset/liability management purposes. The segregated investments support the long-term care and structured settlement liabilities in the Life & Group segment.
The effective durations of fixed income securities and short-term investments are presented in the following table. Amounts presented are net of payable and receivable amounts for securities purchased and sold, but not yet settled.
September 30, 2024 December 31, 2023
(In millions) Estimated Fair Value Effective
Duration
(In years) 		Estimated Fair Value Effective
Duration
(In years)
Life & Group $ 15,753 10.1 $ 15,137 10.2
Property & Casualty and Corporate & Other 29,118 4.4 27,981 4.5
Total $ 44,871 6.4 $ 43,118 6.5
The investment portfolio is periodically analyzed for changes in duration and related price risk. Certain securities have duration characteristics that are variable based on market interest rates, credit spreads and other factors that may drive variability in the amount and timing of cash flows. Additionally, we periodically review the sensitivity of the portfolio to the level of foreign exchange rates and other factors that contribute to market price changes. A summary of these risks and specific analysis on changes is included in the Quantitative and Qualitative Disclosures About Market Risk included under Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2023.
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LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
Our primary operating cash flow sources are premiums and investment income. Our primary operating cash flow uses are payments for claims, policy benefits and operating expenses, including interest expense on corporate debt. Additionally, cash may be paid or received for income taxes.
For the nine months ended September 30, 2024, net cash provided by operating activities was $1,868 million as compared with $1,765 million for the same period in 2023. The increase in cash provided by operating activities was driven by an increase in premiums collected and higher earnings from fixed income securities, partially offset by an increase in net claim payments and higher operating expenses.
Cash flows from investing activities include the purchase and disposition of financial instruments, excluding those held as trading, and may include the purchase and sale of businesses, equipment and other assets not generally held for resale.
For the nine months ended September 30, 2024, net cash used by investing activities was $762 million as compared with $1,537 million for the same period in 2023. Net cash used or provided by investing activities is primarily driven by cash available from operations and by other factors, such as financing activities.
Cash flows from financing activities may include proceeds from the issuance of debt and equity securities, and outflows for stockholder dividends, repayment of debt and purchases of our common stock.
For the nine months ended September 30, 2024, net cash used by financing activities was $998 million as compared with $218 million for the same period in 2023. Financing activities for the periods presented include:
• In the second quarter of 2024, we repaid the $550 million outstanding aggregate principal balance of our 3.95% senior notes which came due May 15, 2024.
• In the first quarter of 2024, we issued $500 million of 5.125% notes due February 15, 2034.
• During the nine months ended September 30, 2024, we paid dividends of $906 million and repurchased 450,000 shares of common stock at an aggregate cost of $20 million.
• In the second quarter of 2023, we issued $400 million of 5.50% senior notes due June 15, 2033, and in the third quarter of 2023, we issued an additional $100 million of 5.50% senior notes due June 15, 2033.
• During the nine months ended September 30, 2023, we paid dividends of $673 million and repurchased 550,000 shares of our common stock at an aggregate cost of $24 million.
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Common Stock Dividends
Cash dividends of $3.32 per share on our common stock, including a special cash dividend of $2.00 per share, were declared and paid during the nine months ended September 30, 2024. On November 1, 2024, our Board of Directors declared a quarterly cash dividend of $0.44 per share, payable December 5, 2024 to stockholders of record on November 18, 2024. The declaration and payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend on many factors, including our earnings, financial condition, business needs and regulatory constraints.
Liquidity
We believe that our present cash flows from operating, investing and financing activities are sufficient to fund our current and expected working capital and debt obligation needs and we do not expect this to change in the near term. There are currently no amounts outstanding under our $250 million senior unsecured revolving credit facility and no borrowings outstanding through our membership in the Federal Home Loan Bank of Chicago (FHLBC).
Dividends from Continental Casualty Company (CCC) are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance, are determined based on the greater of the prior year's statutory net income or 10% of statutory surplus as of the end of the prior year, as well as timing and amount of dividends paid in the preceding twelve months. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of September 30, 2024 CCC was in a positive earned surplus position. CCC paid dividends of $635 million and $770 million to CNAF during the nine months ended September 30, 2024 and 2023. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.
We have an effective shelf registration statement on file with the Securities and Exchange Commission under which we may publicly issue an unspecified amount of debt, equity or hybrid securities from time to time.
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ACCOUNTING STANDARDS UPDATE
For a discussion of Accounting Standards, see Note A to the Condensed Consolidated Financial Statements included under Part I, Item 1.
FORWARD-LOOKING STATEMENTS
This report contains a number of forward-looking statements which relate to anticipated future events rather than actual present conditions or historical events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. Forward-looking statements in this report include any and all statements regarding expected developments in our insurance business, including losses and loss reserves (note that loss reserves for long-term care, A&EP and other mass tort claims are more uncertain, and therefore more difficult to estimate than loss reserves respecting traditional property and casualty exposures); the impact of routine ongoing insurance reserve reviews we conduct; our expectations concerning our revenues, earnings, expenses and investment activities; volatility in investment returns; and our proposed actions in response to trends in our business. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected in the forward-looking statements. We cannot control many of these risks and uncertainties. These risks and uncertainties include, but are not limited to, the following as well as those risks contained in the Risk Factors section of our 2023 Annual Report on Form 10-K:
Company-Specific Factors
• the risks and uncertainties associated with our insurance reserves, as outlined in the Critical Accounting Estimates sections of our 2023 Annual Report on Form 10-K and this report, and the Reserves - Estimates and Uncertainties section of our 2023 Annual Report on Form 10-K, including the sufficiency of the reserves and the possibility for future increases, which would be reflected in the results of operations in the period that the need for such adjustment is determined;
• the risk that the other parties to the transactions in which, subject to certain limitations, we ceded our legacy A&EP and excess workers' compensation (EWC) liabilities, respectively, will not fully perform their respective obligations to CNA, the uncertainty in estimating loss reserves for A&EP and EWC liabilities and the possible continued exposure of CNA to liabilities for A&EP and EWC claims that are not covered under the terms of the respective transactions; and
• the performance of reinsurance companies under reinsurance contracts with us.
Industry and General Market Factors
• general economic and business conditions, including recessionary conditions that may decrease the size and number of our insurance customers and create losses to our lines of business and inflationary pressures on medical care costs, construction costs and other economic sectors;
• the effects of social inflation, including frequency of nuclear verdicts and increased litigation activity, on the severity of claims;
• the effects on the frequency of claims of reviver statutes that extend, or eliminate, the statute of limitations for the reporting of claims, including statutes passed in certain states with respect to sexual molestation and sexual abuse;
• the impact of competitive products, policies and pricing and the competitive environment in which we operate, including changes in our book of business;
• product and policy availability and demand and market responses, including the level of ability to obtain rate increases;
• the COVID-19 pandemic, including new or emerging variants, other potential pandemics and related measures to mitigate the spread of the foregoing may continue to result in increased claims and related litigation risk across our enterprise;
• conditions in the capital and credit markets, including uncertainty and instability in these markets, as well as the overall economy, and their impact on the returns, types, liquidity and valuation of our investments;
• conditions in the capital and credit markets that may limit our ability to raise significant amounts of capital on favorable terms; and
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• the possibility of changes in our ratings by ratings agencies, including the inability to access certain markets or distribution channels and the required collateralization of future payment obligations as a result of such changes, and changes in rating agency policies and practices.
Regulatory, Legal and Operational Factors
• regulatory and legal initiatives and compliance with governmental regulations and other legal requirements, which are increasing in complexity and number, change frequently, sometimes conflict, and could expose us to significant monetary damages, regulatory enforcement actions, fines and/or criminal prosecution in one or more jurisdictions, including regulations related to cybersecurity protocols (which continue to evolve in breadth, sophistication and maturity in response to an ever-evolving threat landscape), legal inquiries by state authorities, judicial interpretations within the regulatory framework, including interpretation of policy provisions, decisions regarding coverage and theories of liability, legislative actions that increase claimant activity, including those revising applicability of statutes of limitations, trends in litigation and the outcome of any litigation involving us and rulings and changes in tax laws and regulations;
• regulatory limitations, impositions and restrictions upon us, including with respect to our ability to increase premium rates, and the effects of assessments and other surcharges for guaranty funds and second-injury funds, other mandatory pooling arrangements and future assessments levied on insurance companies;
• regulatory limitations and restrictions, including limitations upon our ability to receive dividends from our insurance subsidiaries, imposed by regulatory authorities, including regulatory capital adequacy standards;
• breaches of our or our vendors' data security infrastructure resulting in unauthorized access to systems and information, and/or interruption of operations; and
• regulatory and legal implications relating to the sophisticated cyber incident sustained by the Company in March 2021 that may arise.
Impact of Natural and Man-Made Disasters and Mass Tort Claims
• weather and other natural physical events, including the severity and frequency of storms, hail, snowfall and other winter conditions, natural disasters such as hurricanes, tornados and earthquakes, as well as climate change, including effects on global weather patterns, greenhouse gases, sea, land and air temperatures, sea levels, wildfires, rain, hail and snow;
• regulatory requirements imposed by coastal state regulators in the wake of hurricanes or other natural disasters, including limitations on the ability to exit markets or to non-renew, cancel or change terms and conditions in policies, as well as mandatory assessments to fund any shortfalls arising from the inability of quasi-governmental insurers to pay claims;
• man-made disasters, including the possible occurrence of terrorist attacks, the unpredictability of the nature, targets, severity or frequency of such events, and the effect of the absence or insufficiency of applicable terrorism legislation on coverages;
• the occurrence of epidemics and pandemics; and
• mass tort claims, including those related to exposure to potentially harmful products or substances such as glyphosate, lead paint, per- and polyfluoroalkyl substances (PFAS) and opioids; sexual abuse and molestation claims; and claims arising from changes that repeal or weaken tort reforms.
Our forward-looking statements speak only as of the date of the filing of this Quarterly Report on Form 10-Q, and we do not undertake any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date of the statement, even if our expectations or any related events or circumstances change.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
There were no material changes in our market risk components for the three months ended September 30, 2024. See the Quantitative and Qualitative Disclosures About Market Risk included in Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2023 for further information. Additional information related to portfolio duration is discussed in the Investments section of our Management's Discussion and Analysis of Financial Condition and Results of Operations included in Part I, Item 2.
Item 4. Controls and Procedures
The Company maintains a system of disclosure controls and procedures which are designed to ensure that information required to be disclosed by the Company in reports that it files or submits to the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including this report, is recorded, processed, summarized and reported on a timely basis. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed under the Exchange Act is accumulated and communicated to the Company's management on a timely basis to allow decisions regarding required disclosure.
As of September 30, 2024, the Company's management, including the Company's Chief Executive Officer (CEO) and Chief Financial Officer (CFO), conducted an evaluation of the effectiveness of the Company's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on this evaluation, the CEO and CFO have concluded that the Company's disclosure controls and procedures are effective as of September 30, 2024.
There has been no change in the Company’s internal control over financial reporting (as defined in Rules 13a-15 (f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II. Other Information
Item 1. Legal Proceedings
Information on our legal proceedings is set forth in Note G to the Condensed Consolidated Financial Statements included under Part I, Item 1.
Item 6. Exhibits
See Exhibit Index.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CNA Financial Corporation
Dated: November 4, 2024 By /s/ Scott R. Lindquist
Scott R. Lindquist
Executive Vice President and Chief Financial Officer
(Duly authorized officer and principal financial officer)

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EXHIBIT INDEX
Description of Exhibit Exhibit Number
31.1
31.2
32.1
32.2
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document 101.INS
Inline XBRL Taxonomy Extension Schema 101.SCH
Inline XBRL Taxonomy Extension Calculation Linkbase 101.CAL
Inline XBRL Taxonomy Extension Definition Linkbase 101.DEF
Inline XBRL Taxonomy Label Linkbase 101.LAB
Inline XBRL Taxonomy Extension Presentation Linkbase 101.PRE
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) 104.1

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TABLE OF CONTENTS