Earnings Document

Notices and Disclaimers

Forward Looking Statements

The statements made in the course of this presentation and/or contained in the presentation materials may include statements that relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as "believes," "expects," "intends," "anticipates," "estimates" and similar expressions. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by CNA. For a detailed description of these risks and uncertainties, please refer to CNA's most recent annual report on Form 10-K on file with the Securities and Exchange Commission available at www.cna.com. Any forward-looking statements and other financial information contained in this presentation speak only as of the date hereof. Further, CNA does not have any obligation to update or revise any forward-looking statement made in the course of this presentation and/or contained in the presentation materials even if CNA's expectations or any related events, conditions or circumstances change.

Available Information and Risk Factors

CNA files annual, quarterly and current reports and other information with the SEC. The SEC filings are available on the CNA website (www.cna.com) and at the SEC's website (www.sec.gov). These filings describe some of the more material risks we face and how these risks could lead to events or circumstances that may have a material adverse effect on our business, financial condition, results of operations or cash flows. You should review these filings as they contain important information about CNA and its business.

Non-GAAP Measures

This presentation, along with the presentation materials, may also reference or contain financial measures that are not in accordance with generally accepted accounting principles (GAAP). For reconciliations of non-GAAP measures to the most comparable GAAP measures and other information, please refer to CNA's press release and financial supplement that we have made available in connection with this presentation and our other filings with the Securities and Exchange Commission available at

www.cna.com

"CNA" is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the "CNA" trademark in connection with insurance underwriting and claims activities. Copyright © 2023 CNA. All rights reserved.

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First Quarter Overview

• Net income of $297 million versus $295 million in the prior year quarter; core income up 9% to $325 million versus $298 million in the prior year quarter.
• P&C core income of $346 million versus $321 million, reflects higher investment income and record high pretax underlying underwriting income of $197 million, partially offset by higher pretax catastrophe losses and unfavorable prior period development.
• Net investment income up 17% to $525 million pretax, includes a $57 million increase from fixed income securities and other investments to $497 million and a $20 million increase from limited partnerships and common stock to $28 million.
• P&C combined ratio of 93.9%, compared with 91.9% in the prior year quarter, including 2.4 points of catastrophe loss impact compared with 1.0 points in the prior year quarter. The underlying combined ratio was 90.8% compared with 91.4%, in the prior year quarter. The underlying loss ratio was 59.8% and the expense ratio was 30.7%.
• P&C segments, excluding third party captives, generated both gross written premium and net written premium growth of 11%, or 12% excluding foreign currency fluctuations for the first quarter of 2023. P&C renewal premium change of +7%, with written rate of +5%, up a point from the prior quarter, and exposure change of +2%.
• Book value per share of $32.00; book value per share excluding AOCI of $44.21, a 2% increase from year-end 2022 adjusting for $1.62 of dividends per share.
• Board of Directors declares regular quarterly cash dividend of $0.42 per share.

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Financial Performance

Core income up 9% driven by record P&C underlying underwriting income and strong investment results

• As of January 1, 2023, the Company adopted LDTI using the modified retrospective method applied as of the transition

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