CNA FINANCIAL CORP

For the period ended Dec 31, 2024. Filed Feb 11, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 11, 2025

CNA$48.16+1.6%Stored close · as of Nov 10, 2026

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Contents

Condensed Financial Information of Registrant (Parent Company)

SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY)

Statements of Operations and Comprehensive Income

(In millions)	2024	2023	2022
Revenues
Net investment income	$42	$41	$8
Total revenues	42	41	8
Expenses
Administrative and general	2	2	1
Interest	132	126	112
Total expenses	134	128	113
Loss from operations before income taxes and equity in net income of subsidiaries	(92)	(87)	(105)
Income tax benefit	7	4	6
Loss before equity in net income of subsidiaries	(85)	(83)	(99)
Equity in net income of subsidiaries	1,044	1,288	781
Net income	959	1,205	682
Equity in other comprehensive income (loss) of subsidiaries	681	926	(2,238)
Total comprehensive income (loss)	$1,640	$2,131	$(1,556)

Balance Sheets

(In millions, except share data)	2024	2023
Assets
Investment in subsidiaries	$12,684	$11,948
Cash	1	1
Short-term investments	846	1,009
Amounts due from affiliates	4	4
Other assets	1	1
Total assets	$13,536	$12,963
Liabilities
Short-term debt	$—	$550
Long-term debt	2,973	2,481
Other liabilities	50	39
Total liabilities	3,023	3,070
Stockholders' Equity
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,844,681 and 270,881,457 shares outstanding)	683	683
Additional paid-in capital	2,229	2,221
Retained earnings	9,686	9,755
Accumulated other comprehensive loss	(1,991)	(2,672)
Treasury stock (2,195,562 and 2,158,786 shares), at cost	(94)	(94)
Total stockholders' equity	10,513	9,893
Total liabilities and stockholders' equity	$13,536	$12,963

Statements of Cash Flows

(In millions)	2024	2023	2022
Cash Flows from Operating Activities
Net income	$959	$1,205	$682
Adjustments to reconcile net income to net cash flows provided by operating activities:
Equity in net income of subsidiaries	(1,044)	(1,288)	(781)
Dividends received from subsidiaries	995	1,055	990
Other, net	9	2	28
Net cash flows provided by operating activities	919	974	919
Cash Flows from Investing Activities
Change in short-term investments	204	(395)	114
Capital contributions to subsidiaries	(6)	(3)	—
Net cash flows provided (used) by investing activities	198	(398)	114
Cash Flows from Financing Activities
Dividends paid to common stockholders	(1,025)	(787)	(982)
Proceeds from the issuance of debt	490	491	—
Repayment of debt	(550)	(243)	—
Purchase of treasury stock	(20)	(24)	(39)
Other, net	(12)	(14)	(11)
Net cash flows used by financing activities	(1,117)	(577)	(1,032)
Net change in cash	—	(1)	1
Cash, beginning of year	1	2	1
Cash, end of year	$1	$1	$2

Notes to Condensed Financial Information

A. Summary of Significant Accounting Policies

Basis of Presentation

The condensed financial information of CNA Financial Corporation (CNAF or the Parent Company) should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Item 8 of this Form 10-K. CNAF’s subsidiaries are accounted for using the equity method of accounting. Equity in net income of these subsidiaries is presented on the Condensed Statements of Operations as Equity in net income of subsidiaries. Loews owned approximately 92% of the outstanding common stock of CNAF as of December 31, 2024.

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