CNA FINANCIAL CORP
For the period ended Sep 30, 2025. Filed Nov 3, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 3, 2025
CNA$47.32-1.7%Stored close · as of Nov 6, 2026
Contents
Item 1. Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 (Unaudited)
Condensed Consolidated Balance Sheets
| (In millions, except share data) | September 30, 2025 (Unaudited) | December 31, 2024 |
|---|---|---|
| Assets | ||
| Investments: | ||
| Fixed maturity securities at fair value (amortized cost of $44,924 and $43,481, less allowance for credit loss of $61 and $45) | $43,702 | $41,111 |
| Equity securities at fair value (cost of $688 and $632) | 726 | 659 |
| Limited partnership investments | 2,713 | 2,520 |
| Other invested assets | 97 | 85 |
| Mortgage loans (less allowance for credit loss of $40 and $35) | 1,055 | 1,019 |
| Short-term investments | 2,243 | 2,088 |
| Total investments | 50,536 | 47,482 |
| Cash | 483 | 472 |
| Reinsurance receivables (less allowance for uncollectible receivables of $22 and $21) | 6,445 | 6,051 |
| Insurance receivables (less allowance for uncollectible receivables of $27 and $26) | 3,666 | 3,671 |
| Accrued investment income | 480 | 451 |
| Deferred acquisition costs | 985 | 959 |
| Deferred income taxes | 585 | 850 |
| Property and equipment at cost (less accumulated depreciation of $342 and $314) | 283 | 295 |
| Goodwill | 148 | 145 |
| Deferred non-insurance warranty acquisition expense | 3,340 | 3,525 |
| Other assets | 2,805 | 2,591 |
| Total assets | $69,756 | $66,492 |
| Liabilities | ||
| Insurance reserves: | ||
| Claim and claim adjustment expenses | $26,525 | $24,976 |
| Unearned premiums | 7,578 | 7,346 |
| Future policy benefits | 13,546 | 13,158 |
| Short-term debt | 500 | — |
| Long-term debt | 2,970 | 2,973 |
| Deferred non-insurance warranty revenue | 4,294 | 4,530 |
| Other liabilities (includes $39 and $47 due to Loews Corporation) | 3,021 | 2,996 |
| Total liabilities | 58,434 | 55,979 |
| Commitments and contingencies (Notes C and G) | ||
| Stockholders' Equity | ||
| Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,666,584 and 270,844,681 shares outstanding) | 683 | 683 |
| Additional paid-in capital | 2,220 | 2,229 |
| Retained earnings | 9,739 | 9,686 |
| Accumulated other comprehensive loss | (1,211) | (1,991) |
| Treasury stock (2,373,659 and 2,195,562 shares), at cost | (109) | (94) |
| Total stockholders’ equity | 11,322 | 10,513 |
| Total liabilities and stockholders' equity | $69,756 | $66,492 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
| (In millions) | 2025 | 2024 |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Net income | $976 | $938 |
| Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
| Deferred income tax expense | 91 | 42 |
| Trading portfolio activity | (14) | (1) |
| Net investment losses | 62 | 42 |
| Equity method investees | (37) | (93) |
| Net amortization of investments | (149) | (153) |
| Depreciation and amortization | 53 | 51 |
| Changes in: | ||
| Receivables, net | (318) | (404) |
| Accrued investment income | (26) | (15) |
| Deferred acquisition costs | (16) | (45) |
| Insurance reserves | 1,522 | 1,559 |
| Other, net | (224) | (53) |
| Net cash flows provided by operating activities | 1,920 | 1,868 |
| Cash Flows from Investing Activities | ||
| Dispositions: | ||
| Fixed maturity securities - sales | 2,432 | 2,335 |
| Fixed maturity securities - maturities, calls and redemptions | 2,567 | 1,755 |
| Equity securities | 396 | 388 |
| Limited partnerships | 89 | 45 |
| Mortgage loans | 69 | 75 |
| Purchases: | ||
| Fixed maturity securities | (6,052) | (5,016) |
| Equity securities | (429) | (332) |
| Limited partnerships | (252) | (235) |
| Mortgage loans | (110) | (43) |
| Change in other investments | (5) | (2) |
| Change in short-term investments | (94) | 329 |
| Purchases of property and equipment | (58) | (57) |
| Other, net | 1 | (4) |
| Net cash flows used by investing activities | (1,446) | (762) |
| Cash Flows from Financing Activities | ||
| Dividends paid to common stockholders | (922) | (906) |
| Proceeds from the issuance of debt | 495 | 490 |
| Repayment of debt | — | (550) |
| Purchase of treasury stock | (34) | (20) |
| Other, net | (17) | (12) |
| Net cash flows used by financing activities | (478) | (998) |
| Effect of foreign exchange rate changes on cash | 15 | 3 |
| Net change in cash | 11 | 111 |
| Cash, beginning of year | 472 | 345 |
| Cash, end of period | $483 | $456 |
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
| Periods ended September 30 | Three Months | Nine Months | ||
|---|---|---|---|---|
| (In millions) | 2025 | 2024 | 2025 | 2024 |
| Common Stock | ||||
| Balance, beginning of period | $683 | $683 | $683 | $683 |
| Balance, end of period | 683 | 683 | 683 | 683 |
| Additional Paid-in Capital | ||||
| Balance, beginning of period | 2,213 | 2,210 | 2,229 | 2,221 |
| Stock-based compensation | 7 | 11 | (9) | — |
| Balance, end of period | 2,220 | 2,221 | 2,220 | 2,221 |
| Retained Earnings | ||||
| Balance, beginning of period | 9,460 | 9,623 | 9,686 | 9,755 |
| Dividends to common stockholders ($0.46, $0.44, $3.38 and $3.32 per share) | (124) | (121) | (923) | (908) |
| Net income | 403 | 283 | 976 | 938 |
| Balance, end of period | 9,739 | 9,785 | 9,739 | 9,785 |
| Accumulated Other Comprehensive Loss | ||||
| Balance, beginning of period | (1,586) | (2,547) | (1,991) | (2,672) |
| Other comprehensive income | 375 | 710 | 780 | 835 |
| Balance, end of period | (1,211) | (1,837) | (1,211) | (1,837) |
| Treasury Stock | ||||
| Balance, beginning of period | (109) | (95) | (94) | (94) |
| Stock-based compensation | — | 1 | 19 | 20 |
| Purchase of treasury stock | — | — | (34) | (20) |
| Balance, end of period | (109) | (94) | (109) | (94) |
| Total stockholders' equity | $11,322 | $10,758 | $11,322 | $10,758 |
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