CNA FINANCIAL CORPCNA
CNA FINANCIAL CORP Segments Disclosure
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. Specialty provides management and professional liability and other property and casualty coverages, products and services using a network of retail and wholesale brokers, independent agencies and managing general underwriters. Commercial works with a network of retail and wholesale brokers and independent agents to market a broad range of property and casualty insurance products to all types of insureds targeting small business, construction, middle market and other commercial customers. The International segment underwrites property and casualty coverages on a global basis through a branch operation in Canada, a European business consisting of insurance companies based in the U.K. and Luxembourg and Hardy, the Company's Lloyd's syndicate.
The Company's operations outside of Property & Casualty Operations are managed and reported in two segments: Life & Group and Corporate & Other. Life & Group primarily includes the results of the long-term care business that is in run-off. Corporate & Other primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including, A&EP, a legacy portfolio of EWC policies and certain legacy mass tort reserves.
The accounting policies of the segments are the same as those described in Note A to the Consolidated Financial Statements. 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.
Approximately 9%, 10% and 11% of the Company's direct written premiums were derived from outside the United States for the years ended December 31, 2025, 2024 and 2023.
In the following tables, certain financial measures are presented to provide information used by management to monitor the Company's operating performance. Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio.
The performance of the Company's insurance operations is monitored by management through core income (loss). The Company's Chief Operating Decision Maker (CODM) is the Chief Executive Officer. For all segments, the CODM uses a multi-year trend of core income (loss) to assess the segments' operating performance and make decisions regarding the allocation of resources to each segment.
Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of the Company's primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding the Company's defined benefit pension plans which are unrelated to the Company's primary operations.
The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk.
The Company's results of operations and selected balance sheet items by segment are presented in the following tables.
| Year ended December 31, 2025 | Specialty | Commercial | International | Life & Group | Corporate & Other | ||||||||||||||||||||||||||||||||||||
| (In millions) | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
| Net written premiums | $ | 3,515 | $ | 5,821 | $ | 1,347 | $ | 419 | $ | — | $ | (1) | $ | 11,101 | |||||||||||||||||||||||||||
| Operating revenues | |||||||||||||||||||||||||||||||||||||||||
| Net earned premiums | $ | 3,472 | $ | 5,695 | $ | 1,311 | $ | 423 | $ | — | $ | (1) | $ | 10,900 | |||||||||||||||||||||||||||
| Net investment income | 650 | 775 | 156 | 914 | 62 | — | 2,557 | ||||||||||||||||||||||||||||||||||
| Non-insurance warranty revenue | 1,577 | — | — | — | — | — | 1,577 | ||||||||||||||||||||||||||||||||||
| Other revenues | 2 | 32 | — | — | 12 | (10) | 36 | ||||||||||||||||||||||||||||||||||
| Total operating revenues | 5,701 | 6,502 | 1,467 | 1,337 | 74 | (11) | 15,070 | ||||||||||||||||||||||||||||||||||
| Claims, benefits and expenses | |||||||||||||||||||||||||||||||||||||||||
| Net incurred claims and benefits | 2,134 | 3,867 | 765 | 1,291 | 201 | — | 8,258 | ||||||||||||||||||||||||||||||||||
| Policyholders’ dividends | 9 | 27 | — | — | — | — | 36 | ||||||||||||||||||||||||||||||||||
| Amortization of deferred acquisition costs | 785 | 853 | 260 | — | — | — | 1,898 | ||||||||||||||||||||||||||||||||||
| Non-insurance warranty expense | 1,526 | — | — | — | — | — | 1,526 | ||||||||||||||||||||||||||||||||||
| Insurance related administrative expenses | 380 | 676 | 171 | 121 | 2 | (1) | 1,349 | ||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | 135 | — | 135 | ||||||||||||||||||||||||||||||||||
Other segment items (1) | 57 | 44 | (13) | 3 | 86 | (10) | 167 | ||||||||||||||||||||||||||||||||||
| Total claims, benefits and expenses | 4,891 | 5,467 | 1,183 | 1,415 | 424 | (11) | 13,369 | ||||||||||||||||||||||||||||||||||
| Income tax (expense) benefit on core income (loss) | (173) | (215) | (77) | 34 | 72 | — | (359) | ||||||||||||||||||||||||||||||||||
| Core income (loss) | $ | 637 | $ | 820 | $ | 207 | $ | (44) | $ | (278) | $ | — | $ | 1,342 | |||||||||||||||||||||||||||
| Net investment gains (losses) | (81) | ||||||||||||||||||||||||||||||||||||||||
| Income tax (expense) benefit on net investment gains (losses) | 17 | ||||||||||||||||||||||||||||||||||||||||
| Net investment gains (losses), after tax | (64) | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 1,278 | |||||||||||||||||||||||||||||||||||||||
(1) Other segment items for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
| December 31, 2025 | Specialty | Commercial | International | Life & Group | Corporate & Other | ||||||||||||||||||||||||||||||||||||
| (In millions) | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
| Reinsurance receivables | $ | 1,716 | $ | 1,762 | $ | 577 | $ | 56 | $ | 2,297 | $ | — | $ | 6,408 | |||||||||||||||||||||||||||
| Insurance receivables | 1,008 | 2,315 | 438 | 2 | 1 | — | 3,764 | ||||||||||||||||||||||||||||||||||
| Deferred acquisition costs | 447 | 391 | 148 | — | — | — | 986 | ||||||||||||||||||||||||||||||||||
| Goodwill | 117 | — | 31 | — | — | — | 148 | ||||||||||||||||||||||||||||||||||
| Deferred non-insurance warranty acquisition expense | 3,220 | — | — | — | — | — | 3,220 | ||||||||||||||||||||||||||||||||||
| Insurance reserves | |||||||||||||||||||||||||||||||||||||||||
| Claim and claim adjustment expenses | 7,784 | 12,249 | 3,376 | 591 | 2,599 | — | 26,599 | ||||||||||||||||||||||||||||||||||
| Unearned premiums | 3,317 | 3,411 | 819 | 88 | — | — | 7,635 | ||||||||||||||||||||||||||||||||||
| Future policy benefits | — | — | — | 13,448 | — | — | 13,448 | ||||||||||||||||||||||||||||||||||
| Deferred non-insurance warranty revenue | 4,138 | — | — | — | — | — | 4,138 | ||||||||||||||||||||||||||||||||||
| Year ended December 31, 2024 | Specialty | Commercial | International | Life & Group | Corporate & Other | ||||||||||||||||||||||||||||||||||||
| (In millions) | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
| Net written premiums | $ | 3,445 | $ | 5,469 | $ | 1,262 | $ | 430 | $ | — | $ | (1) | $ | 10,605 | |||||||||||||||||||||||||||
| Operating revenues | |||||||||||||||||||||||||||||||||||||||||
| Net earned premiums | $ | 3,361 | $ | 5,158 | $ | 1,256 | $ | 437 | $ | — | $ | (1) | $ | 10,211 | |||||||||||||||||||||||||||
| Net investment income | 626 | 733 | 131 | 940 | 67 | — | 2,497 | ||||||||||||||||||||||||||||||||||
| Non-insurance warranty revenue | 1,609 | — | — | — | — | — | 1,609 | ||||||||||||||||||||||||||||||||||
| Other revenues | 2 | 29 | — | — | 13 | (10) | 34 | ||||||||||||||||||||||||||||||||||
| Total operating revenues | 5,598 | 5,920 | 1,387 | 1,377 | 80 | (11) | 14,351 | ||||||||||||||||||||||||||||||||||
| Claims, benefits and expenses | |||||||||||||||||||||||||||||||||||||||||
| Net incurred claims and benefits | 2,001 | 3,525 | 764 | 1,308 | 106 | — | 7,704 | ||||||||||||||||||||||||||||||||||
| Policyholders’ dividends | 9 | 25 | — | — | — | — | 34 | ||||||||||||||||||||||||||||||||||
| Amortization of deferred acquisition costs | 740 | 824 | 234 | — | — | — | 1,798 | ||||||||||||||||||||||||||||||||||
| Non-insurance warranty expense | 1,547 | — | — | — | — | — | 1,547 | ||||||||||||||||||||||||||||||||||
| Insurance related administrative expenses | 362 | 613 | 182 | 119 | — | (1) | 1,275 | ||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | 133 | — | 133 | ||||||||||||||||||||||||||||||||||
Other segment items (1) | 55 | 43 | 10 | 2 | 97 | (10) | 197 | ||||||||||||||||||||||||||||||||||
Total claims, benefits and expenses (2) | 4,714 | 5,030 | 1,190 | 1,429 | 336 | (11) | 12,688 | ||||||||||||||||||||||||||||||||||
| Income tax (expense) benefit on core income (loss) | (190) | (188) | (44) | 29 | 46 | — | (347) | ||||||||||||||||||||||||||||||||||
| Core income (loss) | $ | 694 | $ | 702 | $ | 153 | $ | (23) | $ | (210) | $ | — | $ | 1,316 | |||||||||||||||||||||||||||
| Net investment gains (losses) | (81) | ||||||||||||||||||||||||||||||||||||||||
| Income tax (expense) benefit on net investment gains (losses) | 17 | ||||||||||||||||||||||||||||||||||||||||
| Net investment gains (losses), after tax | (64) | ||||||||||||||||||||||||||||||||||||||||
| Pension settlement transaction gains (losses) | (371) | ||||||||||||||||||||||||||||||||||||||||
| Income tax (expense) benefit on pension settlement transaction gains (losses) | 78 | ||||||||||||||||||||||||||||||||||||||||
| Pension settlement transaction gains (losses), after tax | (293) | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 959 | |||||||||||||||||||||||||||||||||||||||
(1) Other segment items for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
(2) Excludes the impact of pension settlement transaction gains (losses). See Note J to the Consolidated Financial Statements for additional information.
| December 31, 2024 | Specialty | Commercial | International | Life & Group | Corporate & Other | ||||||||||||||||||||||||||||||||||||
| (In millions) | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
| Reinsurance receivables | $ | 1,405 | $ | 1,710 | $ | 539 | $ | 82 | $ | 2,336 | $ | — | $ | 6,072 | |||||||||||||||||||||||||||
| Insurance receivables | 1,062 | 2,219 | 410 | 4 | 2 | — | 3,697 | ||||||||||||||||||||||||||||||||||
| Deferred acquisition costs | 427 | 405 | 127 | — | — | — | 959 | ||||||||||||||||||||||||||||||||||
| Goodwill | 117 | — | 28 | — | — | — | 145 | ||||||||||||||||||||||||||||||||||
| Deferred non-insurance warranty acquisition expense | 3,525 | — | — | — | — | — | 3,525 | ||||||||||||||||||||||||||||||||||
| Insurance reserves | |||||||||||||||||||||||||||||||||||||||||
| Claim and claim adjustment expenses | 7,426 | 11,336 | 2,920 | 622 | 2,672 | — | 24,976 | ||||||||||||||||||||||||||||||||||
| Unearned premiums | 3,275 | 3,252 | 727 | 92 | — | — | 7,346 | ||||||||||||||||||||||||||||||||||
| Future policy benefits | — | — | — | 13,158 | — | — | 13,158 | ||||||||||||||||||||||||||||||||||
| Deferred non-insurance warranty revenue | 4,530 | — | — | — | — | — | 4,530 | ||||||||||||||||||||||||||||||||||
| Year ended December 31, 2023 | Specialty | Commercial | Life & Group | Corporate & Other | |||||||||||||||||||||||||||||||||||||
| (In millions) | International | Eliminations | Total | ||||||||||||||||||||||||||||||||||||||
| Net written premiums | $ | 3,329 | $ | 4,880 | $ | 1,237 | $ | 447 | $ | — | $ | (1) | $ | 9,892 | |||||||||||||||||||||||||||
| Operating revenues | |||||||||||||||||||||||||||||||||||||||||
| Net earned premiums | $ | 3,307 | $ | 4,547 | $ | 1,176 | $ | 451 | $ | — | $ | (1) | $ | 9,480 | |||||||||||||||||||||||||||
| Net investment income | 558 | 645 | 103 | 896 | 62 | — | 2,264 | ||||||||||||||||||||||||||||||||||
| Non-insurance warranty revenue | 1,624 | — | — | — | — | — | 1,624 | ||||||||||||||||||||||||||||||||||
| Other revenues | 1 | 29 | — | (1) | 11 | (10) | 30 | ||||||||||||||||||||||||||||||||||
| Total operating revenues | 5,490 | 5,221 | 1,279 | 1,346 | 73 | (11) | 13,398 | ||||||||||||||||||||||||||||||||||
| Claims, benefits and expenses | |||||||||||||||||||||||||||||||||||||||||
| Net incurred claims and benefits | 1,923 | 2,995 | 722 | 1,317 | 82 | — | 7,039 | ||||||||||||||||||||||||||||||||||
| Policyholders’ dividends | 8 | 21 | — | — | — | — | 29 | ||||||||||||||||||||||||||||||||||
| Amortization of deferred acquisition costs | 686 | 729 | 229 | — | — | — | 1,644 | ||||||||||||||||||||||||||||||||||
| Non-insurance warranty expense | 1,544 | — | — | — | — | — | 1,544 | ||||||||||||||||||||||||||||||||||
| Insurance related administrative expenses | 373 | 620 | 139 | 118 | 2 | (1) | 1,251 | ||||||||||||||||||||||||||||||||||
| Interest expense | 1 | — | — | — | 126 | — | 127 | ||||||||||||||||||||||||||||||||||
Other segment items (1) | 52 | 30 | (4) | 1 | 78 | (10) | 147 | ||||||||||||||||||||||||||||||||||
| Total claims, benefits and expenses | 4,587 | 4,395 | 1,086 | 1,436 | 288 | (11) | 11,781 | ||||||||||||||||||||||||||||||||||
| Income tax (expense) benefit on core income (loss) | (195) | (174) | (48) | 42 | 42 | — | (333) | ||||||||||||||||||||||||||||||||||
| Core income (loss) | $ | 708 | $ | 652 | $ | 145 | $ | (48) | $ | (173) | $ | — | $ | 1,284 | |||||||||||||||||||||||||||
| Net investment gains (losses) | (99) | ||||||||||||||||||||||||||||||||||||||||
| Income tax (expense) benefit on net investment gains (losses) | 20 | ||||||||||||||||||||||||||||||||||||||||
| Net investment gains (losses), after tax | (79) | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 1,205 | |||||||||||||||||||||||||||||||||||||||
(1) Other segment items for the Company's property and casualty commercial insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
| December 31, 2023 | Specialty | Commercial | International | Life & Group | Corporate & Other | ||||||||||||||||||||||||||||||||||||
| (In millions) | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||
The following table presents further detail of significant segment expenses included within Net incurred claims and benefits for the Property & Casualty segments.
| Years ended December 31 | |||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Specialty | |||||||||||||||||
| Non-catastrophe net incurred claim and claim adjustment expenses related to current year | $ | 2,097 | $ | 2,010 | $ | 1,937 | |||||||||||
| Catastrophe losses | — | — | — | ||||||||||||||
(Favorable) unfavorable development (1) | 37 | (9) | (14) | ||||||||||||||
| Commercial | |||||||||||||||||
| Non-catastrophe net incurred claim and claim adjustment expenses related to current year | $ | 3,605 | $ | 3,217 | $ | 2,801 | |||||||||||
| Catastrophe losses | 217 | 318 | 207 | ||||||||||||||
(Favorable) unfavorable development (1) | 39 | (16) | (22) | ||||||||||||||
| International | |||||||||||||||||
| Non-catastrophe net incurred claim and claim adjustment expenses related to current year | $ | 767 | $ | 730 | $ | 680 | |||||||||||
| Catastrophe losses | 23 | 40 | 29 | ||||||||||||||
(Favorable) unfavorable development (1) | (25) | (6) | 13 | ||||||||||||||
(1) (Favorable) unfavorable development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
The following table presents operating revenues by line of business for each reportable segment.
| Years ended December 31 | |||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Specialty | |||||||||||||||||
| Management & Professional Liability | $ | 3,102 | $ | 2,998 | $ | 2,931 | |||||||||||
| Surety | 835 | 785 | 731 | ||||||||||||||
| Warranty & Alternative Risks | 1,764 | 1,815 | 1,828 | ||||||||||||||
| Specialty revenues | 5,701 | 5,598 | 5,490 | ||||||||||||||
| Commercial | |||||||||||||||||
| Middle Market | 1,925 | 1,775 | 1,696 | ||||||||||||||
| Construction | 2,088 | 1,991 | 1,678 | ||||||||||||||
| Small Business | 639 | 637 | 631 | ||||||||||||||
| Other Commercial | 1,850 | 1,517 | 1,216 | ||||||||||||||
| Commercial revenues | 6,502 | 5,920 | 5,221 | ||||||||||||||
| International | |||||||||||||||||
| Canada | 422 | 401 | 383 | ||||||||||||||
| Europe | 627 | 593 | 532 | ||||||||||||||
| Hardy | 418 | 393 | 364 | ||||||||||||||
| International revenues | 1,467 | 1,387 | 1,279 | ||||||||||||||
| Life & Group revenues | 1,337 | 1,377 | 1,346 | ||||||||||||||
| Corporate & Other revenues | 74 | 80 | 73 | ||||||||||||||
| Eliminations | (11) | (11) | (11) | ||||||||||||||
| Total operating revenues | 15,070 | 14,351 | 13,398 | ||||||||||||||
| Net investment gains (losses) | (81) | (81) | (99) | ||||||||||||||
| Total revenues | $ | 14,989 | $ | 14,270 | $ | 13,299 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 10, 2026 | Showing above |
| 2024 | Feb 11, 2025 | |
| 2023 | Feb 6, 2024 | |
| 2022 | Feb 7, 2023 | |
| 2021 | Feb 8, 2022 | |
| 2020 | Feb 9, 2021 | |
| 2019 | Feb 11, 2020 | |
| 2018 | Feb 13, 2019 | |
| 2017 | Feb 14, 2018 | |
| 2016 | Feb 15, 2017 | |
| 2015 | Feb 17, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.