EX-99.2 3 cnaq32025financialsupple.htm EX-99.2
CNA Financial Corporation Supplemental Financial Information September 30, 2025 This report is for informational purposes only and includes consolidated financial statements and financial exhibits that are unaudited. This report should be read in conjunction with documents filed with the U.S. Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Table of Contents Consolidated Results Statements of Operations 1 Components of Income (Loss), Per Share Data and Return on Equity 2 Selected Balance Sheet Data and Statements of Cash Flows Data 3 Results of Operations Property & Casualty 4 Specialty 5 Commercial 6 International 7 Life & Group 8 Corporate & Other 9 Investment Information Investment Summary - Consolidated 10 Investment Summary - Property & Casualty and Corporate & Other 11 Investment Summary - Life & Group 12 Investments - Fixed Maturity Securities by Credit Rating 13 Components of Net Investment Income 14 Net Investment Gains (Losses) 15 Other Claim & Claim Adjustment Expense Reserve Rollforward 16 Life & Group Policyholder Reserves 17 Definitions and Presentation 18 Page

Statements of Operations Periods ended September 30 Three Months Nine Months (In millions) 2025 2024 Change 2025 2024 Change Revenues: Net earned premiums $ 2,783 $ 2,593 7 % $ 8,103 $ 7,532 8 % Net investment income 638 626 2 1,904 1,853 3 Net investment (losses) gains (7) (10) (62) (42) Non-insurance warranty revenue 393 401 1,188 1,212 Other revenues 10 8 28 26 Total revenues 3,817 3,618 6 11,161 10,581 5 Claims, Benefits and Expenses: Insurance claims and policyholders’ benefits (re-measurement loss of $36, $48, $59 and $88) 2,032 2,019 6,144 5,708 Amortization of deferred acquisition costs 483 457 1,423 1,336 Non-insurance warranty expense 377 387 1,146 1,169 Other operating expenses 376 362 1,107 1,077 Interest expense 36 32 99 101 Total claims, benefits and expenses 3,304 3,257 (1) 9,919 9,391 (6) Income (loss) before income tax 513 361 1,242 1,190 Income tax (expense) benefit (110) (78) (266) (252) Net income (loss) $ 403 $ 283 42 % $ 976 $ 938 4 % 1

Components of Income (Loss), Per Share Data and Return on Equity Periods ended September 30 Three Months Nine Months (In millions, except per share data) 2025 2024 2025 2024 Components of Income (Loss) Core income (loss) $ 409 $ 293 $ 1,025 $ 974 Net investment gains (losses) (6) (7) (49) (33) Pension settlement transaction gains (losses) — (3) — (3) Net income (loss) $ 403 $ 283 $ 976 $ 938 Diluted Earnings (Loss) Per Common Share Core income (loss) $ 1.50 $ 1.08 $ 3.76 $ 3.57 Net investment gains (losses) (0.02) (0.03) (0.18) (0.12) Pension settlement transaction gains (losses) — (0.01) — (0.01) Diluted earnings (loss) per share $ 1.48 $ 1.04 $ 3.58 $ 3.44 Weighted Average Outstanding Common Stock and Common Stock Equivalents Basic 271.1 271.3 271.2 271.5 Diluted 272.3 272.7 272.4 272.7 Return on Equity Net income (loss) (1) 14.7 % 11.0 % 11.9 % 12.1 % Core income (loss) (2) 13.2 9.4 10.9 10.3 (1) Annualized net income (loss) divided by the average stockholders' equity including accumulated other comprehensive income (loss) (AOCI) for the period. Average equity including AOCI is calculated using a simple average of the beginning and ending balances for the period. (2) Annualized core income (loss) divided by the average stockholders' equity excluding AOCI for the period. Average equity excluding AOCI is calculated using a simple average of the beginning and ending balances for the period. 2

Selected Balance Sheet Data and Statements of Cash Flows Data (In millions, except per share data) September 30, 2025 December 31, 2024 Total investments $ 50,536 $ 47,482 Reinsurance receivables, net of allowance for uncollectible receivables 6,445 6,051 Total assets 69,756 66,492 Insurance reserves 47,649 45,480 Claim and claim adjustment expenses 26,525 24,976 Unearned premiums 7,578 7,346 Future policy benefits 13,546 13,158 Debt 3,470 2,973 Total liabilities 58,434 55,979 Accumulated other comprehensive income (loss) (1) (1,211) (1,991) Total stockholders' equity 11,322 10,513 Book value per common share $ 41.83 $ 38.82 Book value per common share excluding AOCI $ 46.30 $ 46.16 Outstanding shares of common stock (in millions of shares) 270.7 270.8 Statutory capital and surplus - Combined Continental Casualty Companies (2) $ 11,535 $ 11,165 Three Months Ended September 30 2025 2024 Net cash flows provided (used) by operating activities $ 720 $ 748 Net cash flows provided (used) by investing activities (975) (553) Net cash flows provided (used) by financing activities 369 (120) Net cash flows provided (used) by operating, investing and financing activities $ 114 $ 75 Nine Months Ended September 30 2025 2024 Net cash flows provided (used) by operating activities $ 1,920 $ 1,868 Net cash flows provided (used) by investing activities (1,446) (762) Net cash flows provided (used) by financing activities (478) (998) Net cash flows provided (used) by operating, investing and financing activities $ (4) $ 108 (1) As of September 30, 2025 and December 31, 2024, AOCI included after-tax cumulative impacts of changes in discount rates used to measure long duration contracts of $86 million and $353 million. (2) Statutory capital and surplus as of September 30, 2025 is preliminary. 3

Property & Casualty - Results of Operations Periods ended September 30 Three Months Nine Months (In millions) 2025 2024 Change 2025 2024 Change Gross written premiums $ 3,591 $ 3,595 — % $ 11,683 $ 11,409 2 % Gross written premiums ex. 3rd party captives 2,890 2,825 2 9,385 8,964 5 Net written premiums 2,437 2,360 3 7,889 7,424 6 Net earned premiums 2,678 2,484 8 7,786 7,204 8 Insurance claims and policyholders' benefits 1,706 1,667 5,088 4,700 Amortization of deferred acquisition costs 483 457 1,423 1,336 Insurance related administrative expenses 295 292 891 850 Underwriting gain (loss) 194 68 185 384 318 21 Net investment income 396 372 6 1,172 1,090 8 Non-insurance warranty revenue 393 401 1,188 1,212 Other revenues 9 6 27 24 Non-insurance warranty expense 377 387 1,146 1,169 Other expenses 26 13 65 69 Interest expense — — — — Core income (loss) before income tax 589 447 1,560 1,406 Income tax (expense) benefit on core income (loss) (133) (101) (345) (308) Core income (loss) $ 456 $ 346 32 % $ 1,215 $ 1,098 11 % Other Performance Metrics Underwriting gain (loss) $ 194 $ 68 185 % $ 384 $ 318 21 % Effect of catastrophe losses 41 143 200 313 (Favorable) unfavorable net prior year loss reserve development (1) (5) 56 (24) (Favorable) unfavorable other development-related items (1) 1 3 8 11 Effect of (favorable) unfavorable development-related items — (2) 64 (13) Underlying underwriting gain (loss) $ 235 $ 209 12 % $ 648 $ 618 5 % Loss & LAE ratio 63.4 % 66.7 % 3.3 pts 65.0 % 64.9 % (0.1) pts Expense ratio 29.1 30.2 1.1 29.7 30.3 0.6 Dividend ratio 0.3 0.3 — 0.4 0.4 — Combined ratio 92.8 % 97.2 % 4.4 pts 95.1 % 95.6 % 0.5 pts Less: Effect of catastrophe impacts 1.5 5.8 4.3 2.6 4.3 1.7 Less: Effect of (favorable) unfavorable development-related items — (0.2) (0.2) 0.8 (0.2) (1.0) Underlying combined ratio 91.3 % 91.6 % 0.3 pts 91.7 % 91.5 % (0.2) pts Rate 3 % 3 % — pts 3 % 4 % (1) pts Renewal premium change 4 % 5 % (1) pts 5 % 5 % — pts Retention 81 % 85 % (4) pts 83 % 85 % (2) pts New business $ 549 $ 547 — % $ 1,759 $ 1,671 5 % (1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 4

Specialty - Results of Operations Periods ended September 30 Three Months Nine Months (In millions) 2025 2024 Change 2025 2024 Change Gross written premiums $ 1,700 $ 1,743 (2) % $ 5,064 $ 5,153 (2) % Gross written premiums ex. 3rd party captives 1,009 982 3 2,952 2,846 4 Net written premiums 867 862 1 2,601 2,511 4 Net earned premiums 881 848 4 2,573 2,493 3 Insurance claims and policyholders' benefits 536 511 1,569 1,485 Amortization of deferred acquisition costs 197 188 581 546 Insurance related administrative expenses 88 90 268 267 Underwriting gain (loss) 60 59 2 155 195 (21) Net investment income 162 157 3 483 461 5 Non-insurance warranty revenue 393 401 1,188 1,212 Other revenues 1 1 1 1 Non-insurance warranty expense 377 387 1,146 1,169 Other expenses 16 13 41 41 Interest expense — — — — Core income (loss) before income tax 223 218 640 659 Income tax (expense) benefit on core income (loss) (47) (47) (137) (142) Core income (loss) $ 176 $ 171 3 % $ 503 $ 517 (3) % Other Performance Metrics Underwriting gain (loss) $ 60 $ 59 2 % $ 155 $ 195 (21) % Effect of catastrophe losses — — — — (Favorable) unfavorable net prior year loss reserve development — — 10 (8) (Favorable) unfavorable other development-related items (1) — — — — Effect of (favorable) unfavorable development-related items — — 10 (8) Underlying underwriting gain (loss) $ 60 $ 59 2 % $ 165 $ 187 (12) % Loss & LAE ratio 60.6 % 60.1 % (0.5) pts 60.7 % 59.3 % (1.4) pts Expense ratio 32.5 32.7 0.2 33.0 32.5 (0.5) Dividend ratio 0.2 0.2 — 0.3 0.3 — Combined ratio 93.3 % 93.0 % (0.3) pts 94.0 % 92.1 % (1.9) pts Less: Effect of catastrophe impacts — — — — — — Less: Effect of (favorable) unfavorable development-related items — — — 0.4 (0.3) (0.7) Underlying combined ratio 93.3 % 93.0 % (0.3) pts 93.6 % 92.4 % (1.2) pts Rate 3 % — % 3 pts 3 % 1 % 2 pts Renewal premium change 4 % 2 % 2 pts 4 % 2 % 2 pts Retention 86 % 89 % (3) pts 87 % 89 % (2) pts New business $ 131 $ 129 2 % $ 365 $ 341 7 % (1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 5

Commercial - Results of Operations Periods ended September 30 Three Months Nine Months (In millions) 2025 2024 Change 2025 2024 Change Gross written premiums $ 1,569 $ 1,547 1 % $ 5,487 $ 5,160 6 % Gross written premiums ex. 3rd party captives 1,559 1,538 1 5,301 5,022 6 Net written premiums 1,251 1,221 2 4,312 4,017 7 Net earned premiums 1,453 1,325 10 4,235 3,774 12 Insurance claims and policyholders' benefits 967 961 2,929 2,647 Amortization of deferred acquisition costs 215 209 645 608 Insurance related administrative expenses 165 158 498 454 Underwriting gain (loss) 106 (3) N/M 163 65 151 Net investment income 192 183 5 575 534 8 Other revenues 8 5 26 23 Other expenses 11 8 36 33 Core income (loss) before income tax 295 177 728 589 Income tax (expense) benefit on core income (loss) (62) (38) (153) (125) Core income (loss) $ 233 $ 139 68 % $ 575 $ 464 24 % Other Performance Metrics Underwriting gain (loss) $ 106 $ (3) N/M % $ 163 $ 65 151 % Effect of catastrophe losses 39 127 182 285 (Favorable) unfavorable net prior year loss reserve development (1) (3) 46 (11) (Favorable) unfavorable other development-related items (1) 1 3 8 11 Effect of (favorable) unfavorable development-related items — — 54 — Underlying underwriting gain (loss) $ 145 $ 124 17 % $ 399 $ 350 14 % Loss & LAE ratio 66.1 % 72.0 % 5.9 pts 68.7 % 69.7 % 1.0 pts Expense ratio 26.1 27.7 1.6 26.9 28.1 1.2 Dividend ratio 0.5 0.5 — 0.5 0.5 — Combined ratio 92.7 % 100.2 % 7.5 pts 96.1 % 98.3 % 2.2 pts Less: Effect of catastrophe impacts 2.7 9.6 6.9 4.3 7.5 3.2 Less: Effect of (favorable) unfavorable development-related items — (0.1) (0.1) 1.3 — (1.3) Underlying combined ratio 90.0 % 90.7 % 0.7 pts 90.5 % 90.8 % 0.3 pts Rate 5 % 6 % (1) pts 5 % 6 % (1) pts Renewal premium change 6 % 8 % (2) pts 7 % 8 % (1) pts Retention 79 % 84 % (5) pts 82 % 84 % (2) pts New business $ 324 $ 345 (6) % $ 1,114 $ 1,117 — % (1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 6

International - Results of Operations Periods ended September 30 Three Months Nine Months (In millions) 2025 2024 Change 2025 2024 Change Gross written premiums $ 322 $ 305 6 % $ 1,132 $ 1,096 3 % Net written premiums 319 277 15 976 896 9 Net earned premiums 344 311 11 978 937 4 Insurance claims and policyholders' benefits 203 195 590 568 Amortization of deferred acquisition costs 71 60 197 182 Insurance related administrative expenses 42 44 125 129 Underwriting gain (loss) 28 12 133 66 58 14 Net investment income 42 32 31 114 95 20 Other revenues — — — — Other expenses (1) (8) (12) (5) Core income (loss) before income tax 71 52 192 158 Income tax (expense) benefit on core income (loss) (24) (16) (55) (41) Core income (loss) $ 47 $ 36 31 % $ 137 $ 117 17 % Other Performance Metrics Underwriting gain (loss) $ 28 $ 12 133 % $ 66 $ 58 14 % Effect of catastrophe losses 2 16 18 28 (Favorable) unfavorable net prior year loss reserve development — (2) — (5) (Favorable) unfavorable other development-related items (1) — — — — Effect of (favorable) unfavorable development-related items — (2) — (5) Underlying underwriting gain (loss) $ 30 $ 26 15 % $ 84 $ 81 4 % Loss & LAE ratio 59.1 % 62.5 % 3.4 pts 60.3 % 60.6 % 0.3 pts Expense ratio 32.7 33.6 0.9 32.9 33.1 0.2 Dividend ratio — — — — — — Combined ratio 91.8 % 96.1 % 4.3 pts 93.2 % 93.7 % 0.5 pts Less: Effect of catastrophe impacts 0.6 5.1 4.5 1.8 3.0 1.2 Less: Effect of (favorable) unfavorable development-related items — (0.7) (0.7) — (0.5) (0.5) Underlying combined ratio 91.2 % 91.7 % 0.5 pts 91.4 % 91.2 % (0.2) pts Rate (6) % (2) % (4) pts (4) % — % (4) pts Renewal premium change (3) % 1 % (4) pts (1) % 2 % (3) pts Retention 83 % 82 % 1 pts 85 % 81 % 4 pts New business $ 94 $ 73 29 % $ 280 $ 213 31 % (1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 7

Life & Group - Results of Operations Periods ended September 30 Three Months Nine Months (In millions) 2025 2024 2025 2024 Net earned premiums $ 106 $ 110 $ 318 $ 329 Net investment income 226 240 687 710 Other revenues — — — — Total operating revenues 332 350 1,005 1,039 Insurance claims and policyholders' benefits 336 336 949 973 Insurance related administrative expenses 29 30 90 88 Other expenses — 1 1 2 Total claims, benefits and expenses 365 367 1,040 1,063 Core income (loss) before income tax (33) (17) (35) (24) Income tax (expense) benefit on core income (loss) 11 8 20 19 Core income (loss) $ (22) $ (9) $ (15) $ (5) 8

Corporate & Other - Results of Operations Periods ended September 30 Three Months Nine Months (In millions) 2025 2024 2025 2024 Net earned premiums $ (1) $ (1) $ (1) $ (1) Net investment income 16 14 45 53 Other revenues 1 2 1 2 Total operating revenues 16 15 45 54 Insurance claims and policyholders' benefits (10) 16 107 35 Insurance related administrative expenses — (1) 1 (1) Interest expense 36 32 99 101 Other expenses 26 23 59 65 Total claims, benefits and expenses 52 70 266 200 Core income (loss) before income tax (36) (55) (221) (146) Income tax (expense) benefit on core income (loss) 11 11 46 27 Core income (loss) $ (25) $ (44) $ (175) $ (119) 9

Investment Summary - Consolidated September 30, 2025 June 30, 2025 December 31, 2024 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 25,476 $ (110) $ 25,704 $ (503) $ 24,944 $ (882) States, municipalities and political subdivisions: Tax-exempt 4,463 (38) 3,515 (169) 3,167 (48) Taxable 3,913 (426) 3,860 (500) 3,637 (544) Total states, municipalities and political subdivisions 8,376 (464) 7,375 (669) 6,804 (592) Asset-backed: RMBS 3,701 (340) 3,545 (402) 3,244 (481) CMBS 1,593 (69) 1,648 (90) 1,681 (131) Other ABS 3,610 (162) 3,576 (188) 3,541 (215) Total asset-backed 8,904 (571) 8,769 (680) 8,466 (827) U.S. Treasury and obligations of government-sponsored enterprises 223 (3) 226 (5) 220 — Foreign government 723 (13) 725 (19) 677 (24) Redeemable preferred stock — — — — — — Total fixed maturity securities 43,702 (1,161) 42,799 (1,876) 41,111 (2,325) Equities: Common stock 197 — 223 — 180 — Non-redeemable preferred stock 529 — 504 — 479 — Total equities 726 — 727 — 659 — Limited partnership investments: Hedge funds 366 — 371 — 359 — Private equity funds 2,347 — 2,296 — 2,161 — Total limited partnership investments 2,713 — 2,667 — 2,520 — Other invested assets 97 — 88 — 85 — Mortgage loans 1,055 — 1,040 — 1,019 — Short-term investments 2,243 — 1,727 (1) 2,088 — Total investments $ 50,536 $ (1,161) $ 49,048 $ (1,877) $ 47,482 $ (2,325) Net receivable/(payable) on investment activity $ (41) $ (220) $ 16 Effective duration (in years) 6.3 6.3 6.2 Weighted average rating (1) A A A RMBS - Residential mortgage-backed securities CMBS - Commercial mortgage-backed securities Other ABS - Other asset-backed securities (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 10

Investment Summary - Property & Casualty and Corporate & Other September 30, 2025 June 30, 2025 December 31, 2024 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 14,421 $ (155) $ 14,852 $ (307) $ 14,755 $ (538) States, municipalities and political subdivisions: Tax-exempt 2,316 (150) 1,437 (228) 983 (189) Taxable 2,547 (358) 2,510 (407) 2,157 (446) Total states, municipalities and political subdivisions 4,863 (508) 3,947 (635) 3,140 (635) Asset-backed: RMBS 3,699 (340) 3,543 (402) 3,242 (481) CMBS 1,571 (67) 1,626 (88) 1,659 (128) Other ABS 3,056 (64) 3,019 (82) 2,979 (105) Total asset-backed 8,326 (471) 8,188 (572) 7,880 (714) U.S. Treasury and obligations of government-sponsored enterprises 214 (3) 217 (5) 211 — Foreign government 675 (5) 679 (9) 631 (14) Redeemable preferred stock — — — — — — Total fixed maturity securities 28,499 (1,142) 27,883 (1,528) 26,617 (1,901) Equities: Common stock 197 — 223 — 180 — Non-redeemable preferred stock 192 — 158 — 115 — Total equities 389 — 381 — 295 — Limited partnership investments: Hedge funds 325 — 329 — 275 — Private equity funds 2,082 — 2,038 — 1,653 — Total limited partnership investments 2,407 — 2,367 — 1,928 — Other invested assets 97 — 88 — 85 — Mortgage loans 884 — 867 — 844 — Short-term investments 2,108 — 1,636 (1) 2,040 — Total investments $ 34,384 $ (1,142) $ 33,222 $ (1,529) $ 31,809 $ (1,901) Net receivable/(payable) on investment activity $ (45) $ (205) $ 7 Effective duration (in years) 4.6 4.5 4.3 Weighted average rating (1) A A A (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 11

Investment Summary - Life & Group September 30, 2025 June 30, 2025 December 31, 2024 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 11,055 $ 45 $ 10,852 $ (196) $ 10,189 $ (344) States, municipalities and political subdivisions: Tax-exempt 2,147 112 2,078 59 2,184 141 Taxable 1,366 (68) 1,350 (93) 1,480 (98) Total states, municipalities and political subdivisions 3,513 44 3,428 (34) 3,664 43 Asset-backed: RMBS 2 — 2 — 2 — CMBS 22 (2) 22 (2) 22 (3) Other ABS 554 (98) 557 (106) 562 (110) Total asset-backed 578 (100) 581 (108) 586 (113) U.S. Treasury and obligations of government-sponsored enterprises 9 — 9 — 9 — Foreign government 48 (8) 46 (10) 46 (10) Redeemable preferred stock — — — — — — Total fixed maturity securities 15,203 (19) 14,916 (348) 14,494 (424) Equities: Common stock — — — — — — Non-redeemable preferred stock 337 — 346 — 364 — Total equities 337 — 346 — 364 — Limited partnership investments: Hedge funds 41 — 42 — 84 — Private equity funds 265 — 258 — 508 — Total limited partnership investments 306 — 300 — 592 — Other invested assets — — — — — — Mortgage loans 171 — 173 — 175 — Short-term investments 135 — 91 — 48 — Total investments $ 16,152 $ (19) $ 15,826 $ (348) $ 15,673 $ (424) Net receivable/(payable) on investment activity $ 4 $ (15) $ 9 Effective duration (in years) 9.8 9.8 9.8 Weighted average rating (1) A- A- A- (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 12

Investments - Fixed Maturity Securities by Credit Rating September 30, 2025 U.S. Government, Government agencies and Government-sponsored enterprises AAA AA A BBB Non-investment grade Total (In millions) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Corporate and other bonds $ — $ — $ 8 $ (1) $ 813 $ (8) $ 8,266 $ (13) $ 14,895 $ (85) $ 1,494 $ (3) $ 25,476 $ (110) States, municipalities and political subdivisions — — 2,133 (29) 4,887 (328) 1,133 (56) 205 (44) 18 (7) 8,376 (464) Asset-backed: RMBS 3,038 (248) 648 (95) 8 — — — — — 7 3 3,701 (340) CMBS — — 666 1 565 (31) 211 (13) 104 (11) 47 (15) 1,593 (69) Other ABS — — 484 (12) 291 (70) 1,456 (31) 1,187 (34) 192 (15) 3,610 (162) Total asset-backed 3,038 (248) 1,798 (106) 864 (101) 1,667 (44) 1,291 (45) 246 (27) 8,904 (571) U.S. Treasury and obligations of government-sponsored enterprises 223 (3) — — — — — — — — — — 223 (3) Foreign government — — 189 — 319 (1) 96 (8) 119 (4) — — 723 (13) Redeemable preferred stock — — — — — — — — — — — — — — Total fixed maturity securities $ 3,261 $ (251) $ 4,128 $ (136) $ 6,883 $ (438) $ 11,162 $ (121) $ 16,510 $ (178) $ 1,758 $ (37) $ 43,702 $ (1,161) Percentage of total fixed maturity securities 7 % 9 % 16 % 26 % 38 % 4 % 100 % 13

Components of Net Investment Income Consolidated Periods ended September 30 Three Months Nine Months (In millions) 2025 2024 2025 2024 Taxable fixed income securities $ 506 $ 490 $ 1,510 $ 1,446 Tax-exempt fixed income securities 44 35 114 109 Total fixed income securities 550 525 1,624 1,555 Common stock 3 13 20 31 Limited partnerships - hedge funds 14 13 46 35 Limited partnerships - private equity funds 54 54 159 160 Total limited partnership and common stock investments 71 80 225 226 Other, net of investment expense 17 21 55 72 Net investment income $ 638 $ 626 $ 1,904 $ 1,853 Effective income yield for fixed income securities portfolio 4.8 % 4.8 % 4.8 % 4.8 % Limited partnership and common stock return for the period 2.5 3.1 8.3 9.4 Property & Casualty and Corporate & Other Periods ended September 30 Three Months Nine Months (In millions) 2025 2024 2025 2024 Taxable fixed income securities $ 308 $ 301 $ 922 $ 893 Tax-exempt fixed income securities 19 8 38 27 Total fixed income securities 327 309 960 920 Common stock 3 13 20 31 Limited partnerships - hedge funds 12 10 40 22 Limited partnerships - private equity funds 48 30 128 89 Total limited partnership and common stock investments 63 53 188 142 Other, net of investment expense 22 24 69 81 Net investment income $ 412 $ 386 $ 1,217 $ 1,143 Effective income yield for fixed income securities portfolio 4.4 % 4.3 % 4.4 % 4.3 % Life & Group Periods ended September 30 Three Months Nine Months (In millions) 2025 2024 2025 2024 Taxable fixed income securities $ 198 $ 189 $ 588 $ 553 Tax-exempt fixed income securities 25 27 76 82 Total fixed income securities 223 216 664 635 Common stock — — — — Limited partnerships - hedge funds 2 3 6 13 Limited partnerships - private equity funds 6 24 31 71 Total limited partnership and common stock investments 8 27 37 84 Other, net of investment expense (5) (3) (14) (9) Net investment income $ 226 $ 240 $ 687 $ 710 Effective income yield for fixed income securities portfolio 5.7 % 5.7 % 5.7 % 5.6 % 14

Net Investment Gains (Losses) Periods ended September 30 Consolidated Three Months Nine Months (In millions) 2025 2024 2025 2024 Fixed maturity securities: Corporate and other bonds $ (6) $ (17) $ (55) $ (38) States, municipalities and political subdivisions 1 (1) — (3) Asset-backed (5) (4) (12) (25) Total fixed maturity securities (10) (22) (67) (66) Non-redeemable preferred stock 4 13 10 25 Derivatives, short-term and other (1) (1) — (1) Mortgage loans — — (5) — Net investment gains (losses) (7) (10) (62) (42) Income tax benefit (expense) on net investment gains (losses) 1 3 13 9 Net investment gains (losses), after tax $ (6) $ (7) $ (49) $ (33) 15

Claim & Claim Adjustment Expense Reserve Rollforward Three months ended September 30, 2025 (In millions) Specialty Commercial International P&C Operations Life & Group Corporate & Other Total Operations Claim & claim adjustment expense reserves, beginning of period Gross $ 7,704 $ 11,888 $ 3,256 $ 22,848 $ 611 $ 2,744 $ 26,203 Ceded 1,631 1,490 490 3,611 79 2,240 5,930 Net 6,073 10,398 2,766 19,237 532 504 20,273 Net incurred claim & claim adjustment expenses 534 960 204 1,698 11 4 1,713 Net claim & claim adjustment expense payments (486) (770) (127) (1,383) (11) (21) (1,415) Foreign currency translation adjustment and other — — (40) (40) 6 — (34) Claim & claim adjustment expense reserves, end of period Net 6,121 10,588 2,803 19,512 538 487 20,537 Ceded 1,648 1,565 512 3,725 77 2,186 5,988 Gross $ 7,769 $ 12,153 $ 3,315 $ 23,237 $ 615 $ 2,673 $ 26,525 Nine months ended September 30, 2025 (In millions) Specialty Commercial International P&C Operations Life & Group Corporate & Other Total Operations Claim & claim adjustment expense reserves, beginning of period Gross $ 7,426 $ 11,336 $ 2,920 $ 21,682 $ 622 $ 2,672 $ 24,976 Ceded 1,447 1,397 504 3,348 81 2,284 5,713 Net 5,979 9,939 2,416 18,334 541 388 19,263 Net incurred claim & claim adjustment expenses 1,562 2,907 590 5,059 25 147 5,231 Net claim & claim adjustment expense payments (1,421) (2,259) (361) (4,041) (33) (48) (4,122) Foreign currency translation adjustment and other 1 1 158 160 5 — 165 Claim & claim adjustment expense reserves, end of period Net 6,121 10,588 2,803 19,512 538 487 20,537 Ceded 1,648 1,565 512 3,725 77 2,186 5,988 Gross $ 7,769 $ 12,153 $ 3,315 $ 23,237 $ 615 $ 2,673 $ 26,525 16

Life & Group Policyholder Reserves Three months ended September 30, 2025 (In millions) Claim and claim adjustment expenses Future policy benefits Total Beginning of Period $ 532 $ 13,329 $ 13,861 Incurred claims and policyholders' benefits (1) 11 324 335 Benefit and expense payments (11) (296) (307) Change in discount rate assumptions and other (AOCI) 6 189 195 End of Period $ 538 $ 13,546 $ 14,084 Nine months ended September 30, 2025 (In millions) Claim and claim adjustment expenses Future policy benefits Total Beginning of Period $ 541 $ 13,158 $ 13,699 Incurred claims and policyholders' benefits (1) 25 920 945 Benefit and expense payments (33) (870) (903) Change in discount rate assumptions and other (AOCI) 5 338 343 End of Period $ 538 $ 13,546 $ 14,084 (1) Incurred claims and policyholders' benefits above does not agree to Net incurred claims and benefits as reflected in Note J to the Condensed Consolidated Financial Statements included under Part I, Item 1 of the Quarterly Report on Form 10-Q due to the timing of benefit and expense cash flows in determining Future Policy Benefit reserves, along with the allowable expenses in the reserve. 17

Definitions and Presentation • Collectively, CNA Financial Corporation (CNAF) and its subsidiaries are referred to as CNA or the Company. • P&C Operations includes Specialty, Commercial and International. • Life & Group segment includes the individual and group run-off long-term care businesses as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants. • Corporate & Other segment primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including CNA Re, asbestos and environmental pollution (A&EP), a legacy portfolio of excess workers' compensation (EWC) policies and certain legacy mass tort reserves. • Management uses the core income (loss) financial measure to monitor the Company’s operations for the Specialty, Commercial and International segments. 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. Management monitors core income (loss) for each business segment to assess segment performance. 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 the Company's primary operations. Please refer to Note P to the Consolidated Financial Statements within the December 31, 2024 Form 10-K for further discussion regarding how the Company manages its business. • In evaluating the results of the Specialty, Commercial and International segments, management uses 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 financial results prepared in accordance with accounting principles generally accepted in the United States of America. 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. 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 ratio, the expense ratio and the dividend ratio. 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. In addition, management also utilizes 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. 18

• Management uses underwriting gain (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor our insurance operations. Underwriting gain (loss) is deemed to be a non-GAAP financial 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 also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from 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. • This financial supplement may also reference or contain financial measures utilized to monitor the Company's investment portfolio that are not in accordance with GAAP. 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. • For reconciliations of non-GAAP measures to the most comparable GAAP measures and other information, please refer herein and/or to CNA's filings with the Securities and Exchange Commission, available at www.cna.com. • Gross written premiums ex. 3rd party captives represents gross written premiums excluding business which is ceded to third party captives, including business related to large warranty programs. • Statutory capital and surplus represents the excess of an insurance company's admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices. • Net investment income from fixed income securities, as presented, includes both fixed maturity securities and non-redeemable preferred stock. • Certain immaterial differences are due to rounding. • N/M = Not Meaningful 19