Earnings Document

CHICAGO, July 31, 2023 --- CNA Financial Corporation (NYSE: CNA) today announced second quarter 2023 net income of $283 million, or $1.04 per share, versus $190 million, or $0.69 per share, in the prior year quarter. Net investment losses for the quarter were $25 million compared to $40 million in the prior year quarter. Core income for the quarter was up 34% to $308 million, or $1.13 per share, versus $230 million, or $0.84 per share, in the prior year quarter.

Our Property & Casualty segments produced core income of $374 million for the second quarter of 2023, an increase of $57 million compared to the prior year quarter driven by higher investment income and record high pretax underlying underwriting income, partially offset by higher catastrophe losses and lower favorable net prior year development. P&C segments, excluding third party captives, generated gross written premium growth of 12% and net written premium growth of 9% for the second quarter of 2023 driven by renewal premium change of +7%, including rate of +5%, exposure change of +2% and new business growth of 11%. Excluding currency fluctuations, gross written premiums grew 12% and net written premiums grew 10%.

Our Life & Group segment produced a core loss of $20 million for the second quarter of 2023 versus $9 million in the prior year quarter primarily due to long term care policy buyouts.

Our Corporate & Other segment produced a core loss of $46 million for the second quarter of 2023 versus $78 million in the prior year quarter driven by lower net prior year loss reserve development and higher net investment income.

CNA Financial declared a quarterly dividend of $0.42 per share, payable August 31, 2023 to stockholders of record on August 14, 2023.

1. As of January 1, 2023, the Company adopted LDTI using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts have been adjusted to reflect application of the new guidance.
2. Management utilizes the core income (loss) financial measure to monitor the Company's operations. Please refer herein to the Reconciliation of GAAP Measures to Non-GAAP Measures section of this press release for further discussion of this non-GAAP measure.

"We produced strong results in the quarter with double-digittop-line growth and continued excellent profitability. Core income increased by 34% in the quarter and net investment income was up 33% with significant increases in LPs, common stock, and the fixed income portfolio.

The all-in combined ratio was very strong at 93.8%, with pretax catastrophe losses of $68 million, or 3.1 points of the combined ratio, and 0.4 points of favorable prior period development. The P&C underlying combined ratio of 91.1% generated a record $200 million of pretax P&C underlying underwriting gain.

In the quarter, we achieved very strong production performance with 12% growth in gross written premium ex captives and 9% growth in net written premium. Renewal premium change was 7% for P&C overall and 11% in Commercial, which was up 2 points from the first quarter. Retention remained consistently high at 86% and new business was up 11%, similar to the first quarter.

With the strong top-line and bottom-line results in the first half of the year and improved investment returns, we are optimistic about our opportunities through the remainder of 2023," said Dino E. Robusto, Chairman & Chief Executive Officer of CNA Financial Corporation.

2

Property & Casualty Operations

• The underlying combined ratio increased 0.3 points as compared with the prior year quarter. The expense ratio increased 0.4 points driven by higher employee related costs. The underlying loss ratio was largely consistent with the prior year quarter.
• The combined ratio increased 2.8 points as compared with the prior year quarter. Catastrophe losses were $68 million, or 3.1 points of the loss ratio in the quarter compared with $37 million, or 1.8 points of the loss ratio, for the prior year quarter. Favorable net prior year development improved the loss ratio by 0.4 points in the current quarter as compared with 1.6 points of improvement in the prior year quarter.
• P&C segments, excluding third party captives, generated gross written premium growth of 12% and net written premium growth of 9%. Excluding currency fluctuations, gross written premiums grew 12% and net written premiums grew 10%.

3

Business Operating Highlights

Specialty

• The underlying combined ratio increased 2.0 points as compared with the prior year quarter due to an increase in the expense ratio driven by higher employee related and acquisition costs.
• The combined ratio increased 2.8 points as compared with the prior year quarter. Favorable net prior year development improved the loss ratio by 0.3 points in the quarter compared with 1.2 points of improvement in the prior year quarter.
• Gross written premiums, excluding third party captives and net written premiums both declined 1% for the second quarter of 2023.

4

Commercial

• The underlying combined ratio improved 0.4 points as compared with the prior year quarter, reflecting the lowest underlying combined ratio on record. The expense ratio improved 0.4 points driven by net earned premium growth of 15%.
• The combined ratio increased 3.1 points as compared with the prior year quarter. Catastrophe losses were $59 million, or 5.2 points of the loss ratio in the quarter compared with $29 million, or 3.0 points of the loss ratio, for the prior year quarter. Favorable net prior year development improved the loss ratio by 0.5 points in the quarter compared with 1.8 points of improvement in the prior year quarter.
• Gross written premiums, excluding third party captives grew 21% and net written premiums grew 17% for the second quarter of 2023.

5