CNA FINANCIAL CORP
For the period ended Dec 31, 2024. Filed Feb 11, 2025.
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FY2024 · Filed Feb 11, 2025
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Corporate & Other
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 CNA Re, A&EP, a legacy portfolio of EWC policies and certain legacy mass tort reserves.
The following table summarizes the results of operations for the Corporate & Other segment, including intersegment eliminations.
| (In millions) | 2024 | 2023 |
|---|---|---|
| Net investment income | $67 | $62 |
| Insurance claims and policyholders' benefits | 106 | 82 |
| Interest expense | 133 | 126 |
| Core loss | (210) | (173) |
Core loss increased $37 million for 2024 as compared with 2023. The current year includes higher corporate expenses as a result of continued investments in technology and an unfavorable non-economic impact related to the A&EP LPT. The current year also includes a $62 million after-tax charge related to unfavorable net prior year loss reserve development for legacy mass tort claims compared with a $56 million after-tax charge for legacy mass tort claims in the prior year.
The application of retroactive reinsurance accounting to additional cessions to the A&EP LPT resulted in an after-tax charge of $6 million in 2024 compared to an after-tax benefit of $6 million in 2023, both of which have no economic impact.
Included in 2024 results is $16 million of after-tax charges related to office consolidation compared with $19 million of after-tax charges in the prior year.
The A&EP LPT and net prior year loss reserve development is further discussed in Note E to the Consolidated Financial Statements included under Item 8.
The following table summarizes the gross and net carried reserves for Corporate & Other.
| (In millions) | 2024 | 2023 |
|---|---|---|
| Gross case reserves | $1,241 | $1,353 |
| Gross IBNR reserves | 1,431 | 1,333 |
| Total gross carried claim and claim adjustment expense reserves | $2,672 | $2,686 |
| Net case reserves | $120 | $129 |
| Net IBNR reserves | 268 | 239 |
| Total net carried claim and claim adjustment expense reserves | $388 | $368 |
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