CNA FINANCIAL CORP

Listed Company

CNACIK 0000021175NYSELarge AcceleratedFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$14.99B

Net Income

$1.28B

Total Assets

$69.44B

Equity

$11.62B

Shares Out

270.67M

Op. Cash Flow

$2.49B

+ 13F Filer

Business

CNA FINANCIAL CORP is an insurance holding company that conducts property and casualty and remaining life and group insurance operations through its insurance subsidiaries. It offers commercial property and casualty coverages (including surety), warranty services, risk management information services and claims administration. Its operations are managed and reported in Property & Casualty segments — Specialty, Commercial and International — and in Life & Group and Corporate & Other segments. Products and services are distributed primarily through independent agents, brokers and managing general underwriters across the U.S., Canada, the U.K., Continental Europe and Lloyd's.

Summary from filing dated 2025-02-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net earned premiums	10,900	10,211	9,480	8,667	8,175
Net investment income	2,557	2,497	2,264	1,805	2,159
Net investment losses	−81	−81	−99	−199	120
Non-insurance warranty revenue	1,577	1,609	1,624	1,574	1,430
Other revenues	36	34	30	32	24
Total revenues	14,989	14,270	13,299	11,879	11,908
Insurance claims and policyholders benefits (re-measurement loss of $104, $125 and $88)	8,294	7,738	7,068	6,653	6,371
Amortization of deferred acquisition costs	1,898	1,798	1,644	1,490	1,443
Non-insurance warranty expense	1,526	1,547	1,544	1,471	1,328
Other operating expenses	1,516	1,843	1,398	1,339	1,191
Interest	135	133	127	112	113
Total claims, benefits and expenses	13,369	13,059	11,781	11,065	10,446
Income before income tax	1,620	1,211	1,518	814	1,462
Income tax expense	−342	−252	−313	−132	−278
Net income	1,278	959	1,205	682	1,184
Basic earnings per share (in usd per share)	4.71	3.53	4.44	2.51	4.36
Diluted earnings per share (in usd per share)	4.69	3.52	4.43	2.51	4.34
Basic (in shares)	271	272	271	272	272
Diluted (in shares)	272	273	272	273	273

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities at fair value (amortized cost of $44,668 and $43,481, less allowance for credit loss of $69 and $45)	43,402	41,111	40,425	37,627	44,380
Equity securities at fair value (cost of $728 and $632)	769	659	683	674	1,035
Limited partnership investments	2,772	2,520	2,174	1,926	1,859
Other invested assets	105	85	80	78	91
Mortgage loans (less allowance for credit loss of $15 and $35)	1,079	1,019	1,035	1,040	973
Short-term investments	2,320	2,088	2,165	1,832	1,990
Total investments	50,447	47,482	46,562	43,177	50,328
Cash	425	472	345	475	536
Reinsurance receivables (less allowance for uncollectible receivables of $27 and $21)	6,381	6,051	5,412	5,416	5,463
Insurance receivables (less allowance for uncollectible receivables of $25 and $26)	3,739	3,671	3,442	3,158	2,945
Accrued investment income	480	451	444	402	377
Deferred acquisition costs	986	959	896	806	737
Deferred income taxes	575	850	1,016	1,251	142
Property and equipment at cost (less accumulated depreciation of $346 and $314)	282	295	253	226	226
Goodwill	148	145	146	144	148
Deferred non-insurance warranty acquisition expense	3,220	3,525	3,661	3,671	3,476
Other assets	2,760	2,591	2,534	2,274	2,261
Total assets	69,443	66,492	64,711	61,000	66,639
Claim and claim adjustment expenses	26,599	24,976	23,304	22,120	21,268
Unearned premiums	7,635	7,346	6,933	6,374	5,761
Future policy benefits	13,448	13,158	13,959	13,480	18,010
Long-term debt	2,971	2,973	2,481	2,538	2,779
Deferred non-insurance warranty revenue	4,100	4,500	4,694	4,714	4,503
Other liabilities (includes $54 and $47 due to Loews Corporation)	3,031	2,996	2,897	2,983	3,377
Total liabilities	57,822	55,979	54,818	52,452	53,830
Commitments and contingencies (Notes B and G)	—	—	—	—	—
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,671,747 and 270,844,681 shares outstanding)	683	683	683	683	683
Additional paid-in capital	2,229	2,229	2,221	2,220	2,215
Retained earnings	9,915	9,686	9,755	9,336	9,663
Accumulated other comprehensive loss	−1,098	−1,991	−2,672	−3,598	320
Treasury stock (2,368,496 and 2,195,562 shares), at cost	−108	−94	−94	−93	−72
Total stockholders equity	11,621	10,513	9,893	8,548	11,105
Total liabilities and stockholders' equity	69,443	66,492	64,711	61,000	66,639

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income tax expense (benefit)	75	−45	2	−89	43
Trading portfolio activity	0	0	1	6	20
Net investment losses	81	81	99	199	−120
Equity method investees	−34	−101	−8	250	−127
Net amortization of investments	−208	−200	−191	−129	−81
Depreciation and amortization	70	67	73	51	54
Receivables, net	−323	−898	−245	−226	−1,358
Accrued investment income	−26	−8	−41	−29	3
Deferred acquisition costs	−17	−69	−85	−79	−30
Insurance reserves	1,670	2,365	1,667	2,058	2,485
Other, net	−76	420	−192	−192	−76
Net cash flows provided by operating activities	2,490	2,571	2,285	2,502	1,997
Fixed maturity securities - sales	2,946	2,793	4,029	5,909	3,816
Fixed maturity securities - maturities, calls and redemptions	3,357	2,396	1,334	2,358	4,464
Equity securities	505	523	317	509	316
Limited partnerships	103	97	164	138	246
Mortgage loans	122	105	122	125	190
Fixed maturity securities	−7,118	−6,404	−6,616	−9,821	−9,307
Equity securities	−573	−444	−293	−294	−304
Limited partnerships	−360	−335	−402	−337	−440
Mortgage loans	−186	−89	−127	−200	−95
Change in other investments	−12	−11	−2	8	−6
Change in short-term investments	−151	147	−274	155	−83
Purchases of property and equipment	−86	−95	−90	−52	−26
Disposals of property and equipment	12	0	0	—	—
Other, net	−8	0	−5	−10	1
Net cash flows used by investing activities	−1,449	−1,317	−1,843	−1,512	−1,228
Dividends paid to common stockholders	−1,047	−1,025	−787	−982	−621
Proceeds from the issuance of debt	495	490	491	0	0
Repayment of debt	−500	−550	−243	0	0
Purchase of treasury stock	−34	−20	−24	−39	−18
Other, net	−18	−12	−14	−11	−9
Net cash flows used by financing activities	−1,104	−1,117	−577	−1,032	−648
Effect of foreign exchange rate changes on cash	16	−10	5	−19	−4
Net change in cash	−47	127	−130	−61	117

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 187 positions

Reported AUM

$322.43M

Holdings

187

Top sector

$322.43M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$322.43M	100.0%

Top holdings

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ARDAGH METAL PACKAGING S.A.	—	1.48M	$12.06M	3.7%
DUN & BRADSTREET HLDGS INC	—	600.0K	$10.51M	3.3%
META PLATFORMS INC	—	45.0K	$10.01M	3.1%
ABBVIE INC	—	60.0K	$9.73M	3.0%
CIGNA CORP NEW	—	40.0K	$9.58M	3.0%
SS&C TECHNOLOGIES HLDGS INC	—	100.0K	$7.50M	2.3%
AIR PRODS & CHEMS INC	—	30.0K	$7.50M	2.3%
WESTERN DIGITAL CORP.	—	145.0K	$7.20M	2.2%