CNA FINANCIAL CORP
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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FY2025 · Filed Feb 10, 2026
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Net Investment Gains (Losses)
Net Investment (Losses) Gains
The components of Net investment (losses) gains are presented in the following table.
| (In millions) | 2025 | 2024 |
|---|---|---|
| Fixed maturity securities: | ||
| Corporate bonds and other | $(64) | $(57) |
| States, municipalities and political subdivisions | (1) | 1 |
| Asset-backed | (18) | (46) |
| Total fixed maturity securities | (83) | (102) |
| Non-redeemable preferred stock | 7 | 21 |
| Derivatives, short-term and other | — | — |
| Mortgage loans | (5) | — |
| Net investment losses | (81) | (81) |
| Income tax benefit on net investment losses | 17 | 17 |
| Net investment losses, after tax | $(64) | $(64) |
Pretax net investment losses for 2025 were consistent with 2024 as lower impairment losses were offset by a lower favorable change in the fair value of non-redeemable preferred stock and higher net losses on disposals of fixed maturity securities.
Further information on our investment gains and losses is set forth in Notes A and B to the Consolidated Financial Statements included under Item 8.
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