2023 Annual Report Annual Report 2023

2023 Shareholder Letter

Dear Fellow Shareholders,

In 2023, the insurance industry was faced with a complex and shifting landscape driven by the continuing pressures from social and economic inflation, elevated catastrophe losses, and expanded global conflict.

Successfully navigating these conditions required CNA to exhibit a keen insight of the unique market forces in play, maintain a sharp focus on what is truly required to drive profitability, and relentlessly execute to achieve results.

Our 2023 results demonstrate successful execution across our three operating segments of Commercial, Specialty and International. Underlying our execution is our underwriting and claims acumen, as well as our firm commitment to collaborating with our agent and broker partners to offer the best solutions and services for our clients.

I am proud of how our employees continue to deliver exceptional results, with a strong drive to reach higher levels of performance for the benefit of our customers, brokers and agents, fellow employees, and shareholders.

Strong Continued Progress

2023 was characterized by excellent performance and continued shareholder value creation.

We produced a P&C combined ratio of 93.5% and our P&C underlying combined ratio was 90.9% - the third year in a row it has been under 92%. All business segments - Commercial, Specialty and International - produced an underwriting profit. From a production standpoint, we achieved 10% gross written premium growth (excluding Captives) which is

the third consecutive year of double-digit growth, and our net written premium growth was 9%. We wrote $2.080B in new business, which was a record achievement. In the last seven years, we have successfully grown new business at a compound annual growth rate of 11%, maintaining disciplined underwriting and focusing on industries and companies where we have a unique set of customer solutions and deep expertise.

In short, CNA continues to expand on our proven ability to deliver both top-line and bottom-line performance with results that clearly demonstrate the progress of our disciplined approach to capitalizing on our expertise, expanding our underwriting margins, growing our revenue and creating value for our shareholders.

Excellent Financial Strength

Robust capital adequacy and strong credit fundamentals reflect the strength and quality of CNA's balance sheet, reinforced by our financial strength and credit ratings from all four major rating agencies. We maintain a conservative capital structure, a prudent reserving philosophy, a high-quality,well-diversified investment portfolio, and excellent liquidity driven by strong and growing operating cash flows.

In 2023, we continued to grow our underwriting profits to a record level, while achieving excellent investment results. Strong underwriting and fixed income investment cash flows enable us to continue growing our invested asset base and, when coupled with the higher interest rate environment, will be a meaningful benefit for us into 2024.

Thank You

Our employees deserve, and have, the appreciation of senior management for their commitment, attention and performance that is leading to the ongoing success of CNA. I also value the essential partnerships that we have with our agents and brokers who help us serve our mutual customers.

I remain highly optimistic about the opportunities for CNA and look forward to the future that awaits us.

Dino E. Robusto

Chairman and Chief Executive Officer

CNA Financial Corporation, February 20, 2024

2023 Form 10-K

CNA Financial Corporation