CNA FINANCIAL CORP 10-Q

Financial Statements (unaudited)

Item 1. Condensed Consolidated Financial Statements CNA Financial Corporation Condensed Consolidated Statements of Operations (Unaudited) Periods ended June 30 Three Months Six Months (In millions, except per share data) 2026 2025 2026 2025 Revenues Net earned premiums $ 2,759 $ 2,694 $ 5,460 $ 5,320 Net investment income 701 662 1,311 1,266 Net investment losses ( 5 ) ( 46 ) ( 23 ) ( 55 ) Non-insurance warranty revenue 367 398 741 795 Other revenues 7 9 17 18 Total revenues 3,829 3,717 7,506 7,344 Claims, Benefits and Expenses Insurance claims and policyholders’ benefits (re-measurement loss of $ 25 , $ 15 , $ 44 and $ 23 ) 2,169 2,085 4,344 4,112 Amortization of deferred acquisition costs 481 469 957 940 Non-insurance warranty expense 356 384 712 769 Other operating expenses 385 368 755 731 Interest expense 33 31 66 63 Total claims, benefits and expenses 3,424 3,337 6,834 6,615 Income before income tax 405 380 672 729 Income tax expense ( 84 ) ( 81 ) ( 140 ) ( 156 ) Net income $ 321 $ 299 $ 532 $ 573 Basic earnings per share $ 1.18 $ 1.10 $ 1.96 $ 2.11 Diluted earnings per share $ 1.18 $ 1.10 $ 1.95 $ 2.10 Weighted Average Outstanding Common Stock and Common Stock Equivalents Basic 270.9 271.1 271.0 271.2 Diluted 271.7 272.2 272.0 272.4 The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited). 3 Table of Contents CNA Financial Corporation Condensed Consolidated Statements of Comprehensive Income (Unaudited) Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Comprehensive Income Net income $ 321 $ 299 $ 532 $ 573 Other Comprehensive Income (Loss), net of tax Changes in: Net unrealized gains and losses on investments with an allowance for credit losses ( 1 ) 1 ( 8 ) ( 2 ) Net unrealized gains and losses on other investments 190 72 ( 235 ) 355 Net unrealized gains and losses on investments 189 73 ( 243 ) 353 Impact of changes in discount rates used to measure long-duration contract liabilities ( 34 ) ( 3 ) 180 ( 117 ) Foreign currency translation adjustment ( 22 ) 128 ( 56 ) 166 Pension and postretirement benefits — 1 1 3 Other comprehensive income (loss), net of tax 133 199 ( 118 ) 405 Total comprehensive income $ 454 $ 498 $ 414 $ 978 The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited). 4 Table of Contents CNA Financial C