CNA FINANCIAL CORP
For the period ended Dec 31, 2023. Filed Feb 6, 2024.
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FY2023 · Filed Feb 6, 2024
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Supplemental Information Concerning Property and Casualty Insurance Operations
SCHEDULE VI. SUPPLEMENTAL INFORMATION CONCERNING PROPERTY AND CASUALTY INSURANCE OPERATIONS
| As of and for the years ended December 31 | Consolidated Property and Casualty Operations | ||||
|---|---|---|---|---|---|
| (In millions) | 2023 | 2022 (1) | 2021 (1) | ||
| Balance Sheet Data | |||||
| Deferred acquisition costs | $896 | $806 | |||
| Reserves for unpaid claim and claim adjustment expenses | 23,304 | 22,120 | |||
| Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.4%) | 647 | 683 | |||
| Unearned premiums | 6,933 | 6,374 | |||
| Statement of Operations Data | |||||
| Net written premiums | $9,892 | $9,128 | $8,405 | ||
| Net earned premiums | 9,480 | 8,667 | 8,175 | ||
| Net investment income | 2,163 | 1,751 | 2,111 | ||
| Incurred claim and claim adjustment expenses related to current year | 5,667 | 5,181 | 5,021 | ||
| Incurred claim and claim adjustment expenses related to prior years | 48 | (32) | 15 | ||
| Amortization of deferred acquisition costs | 1,644 | 1,490 | 1,443 | ||
| Paid claim and claim adjustment expenses | 4,601 | 4,302 | 3,949 | ||
(1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information.
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: February 6, 2024 | By | /s/ Dino E. Robusto |
|---|---|---|
| Dino E. RobustoChief Executive Officer(Principal Executive Officer) | ||
| Dated: February 6, 2024 | By | /s/ Scott R. Lindquist |
| Scott R. LindquistChief Financial Officer(Principal Financial Officer) | ||
| Dated: February 6, 2024 | By | /s/ Amy M. Smith |
| Amy M. SmithChief Accounting Officer(Principal Accounting Officer) | ||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
| Dated: February 6, 2024 | By | /s/ Dino E. Robusto |
|---|---|---|
| (Dino E. Robusto, Chief Executive Officer and Chairman of the Board of Directors) | ||
| Dated: February 6, 2024 | By | /s/ Michael A. Bless |
| (Michael A. Bless, Director) | ||
| Dated: February 6, 2024 | By | /s/ Jose O. Montemayor |
| (Jose O. Montemayor, Director) | ||
| Dated: February 6, 2024 | By | /s/ Don M. Randel |
| (Don M. Randel, Director) | ||
| Dated: February 6, 2024 | By | /s/ Andre Rice |
| (Andre Rice, Director) | ||
| Dated: February 6, 2024 | By | /s/ Kenneth I. Siegel |
| (Kenneth I. Siegel, Director) | ||
| Dated: February 6, 2024 | By | /s/ Andrew H. Tisch |
| (Andrew H. Tisch, Director) | ||
| Dated: February 6, 2024 | By | /s/ Benjamin J. Tisch |
| (Benjamin J. Tisch, Director) | ||
| Dated: February 6, 2024 | By | /s/ James S. Tisch |
| (James S. Tisch, Director) | ||
| Dated: February 6, 2024 | By | /s/ Jane Wang |
| (Jane Wang, Director) | ||
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