Insurance Regulatory Filing (03/31/2024)

*20443202420100101*

PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION

QUARTERLY STATEMENT

AS OF MARCH 31, 2024

OF THE CONDITION AND AFFAIRS OF THE

Continental Casualty Company

NAIC Group Code

0218

NAIC Company Code 20443

Employer's ID Number

36-2114545

(Current)

(Prior)

Organized under the Laws of

, State of Domicile or Port of Entry

Country of Domicile

United States of America

Incorporated/Organized

11/29/1897

Commenced Business

12/31/1897

Statutory Home Office

151 N. Franklin Street

Chicago, IL, US 60606

(Street and Number)

(City or Town, State, Country and Zip Code)

Main Administrative Office

151 N. Franklin Street

(Street and Number)

Chicago, IL, US 60606

312-822-5000

(City or Town, State, Country and Zip Code)

(Area Code) (Telephone Number)

Mail Address

151 N. Franklin Street

Chicago, IL, US 60606

(Street and Number or P.O. Box)

(City or Town, State, Country and Zip Code)

Primary Location of Books and Records

151 N. Franklin Street

(Street and Number)

Chicago, IL, US 60606

312-822-5000

(City or Town, State, Country and Zip Code)

(Area Code) (Telephone Number)

Internet Website Address

www.cna.com

Statutory Statement Contact

Anthony M. Recchia

312-822-2201

(Name)

(Area Code) (Telephone Number)

[email protected]

312-260-4376

(E-mail Address)

(FAX Number)

OFFICERS

Chairman of the Board,
Chief Executive Officer &		Executive Vice President &
President	Dino Ennio Robusto	General Counsel	Susan Ann Stone
Executive Vice President &
Chief Financial Officer	Scott Robert Lindquist

OTHER

			Amy Caroline Adams,			Elizabeth Ann Aguinaga,	Nick Creatura,
			SVP & Treasurer			EVP & Chief Human Resources Officer	President & Chief Executive Officer, Canada
			Stathy Darcy,			Daniel Paul Franzetti,	Robert Joseph Hopper,
	SVP, Deputy General Counsel & Secretary			EVP & Chief Administrative Officer		EVP & Chief Actuary
			Mark Steven James,			Jane Elizabeth Possell,	Jalil Ur Rehman,
		EVP, Chief Risk & Reinsurance Officer		EVP & Chief Information Officer, Analytics, Operations		President & Chief Executive Officer, UK & Europe
			Amy Marie Smith,			Douglas Merle Worman,
			SVP & Chief Accounting Officer			EVP & Global Head of Underwriting
						DIRECTORS OR TRUSTEES
			Robert Joseph Hopper			Scott Robert Lindquist	Dino Ennio Robusto
			Susan Ann Stone			Douglas Merle Worman
State of		Illinois			SS:
County of		Cook

The officers of this reporting entity being duly sworn, each depose and say that they are the described officers of said reporting entity, and that on the reporting period stated above, all of the herein described assets were the absolute property of the said reporting entity, free and clear from any liens or claims thereon, except as herein stated, and that this statement, together with related exhibits, schedules and explanations therein contained, annexed or referred to, is a full and true statement of all the assets and liabilities and of the condition and affairs of the said reporting entity as of the reporting period stated above, and of its income and deductions therefrom for the period ended, and have been completed in accordance with the NAIC Annual Statement Instructions and Accounting Practices and Procedures manual except to the extent that: (1) state law may differ; or, (2) that state rules or regulations require differences in reporting not related to accounting practices and procedures, according to the best of their information, knowledge and belief, respectively. Furthermore, the scope of this attestation by the described officers also includes the related corresponding electronic filing with the NAIC, when required, that is an exact copy (except for formatting differences due to electronic filing) of the enclosed statement. The electronic filing may be requested by various regulators in lieu of or in addition to the enclosed statement.

	DINO ENNIO ROBUSTO		STATHY DARCY	SCOTT ROBERT LINDQUIST
Chairman of the Board, Chief Executive Officer &	Senior Vice President, Deputy General Counsel &	Executive Vice President & Chief Financial Officer
		President		Secretary
					a. Is this an original filing?	...................... Yes [ X ] No [ ]
Subscribed and swoto before me this			b. If no,
6th		day of		May, 2024	1. State the amendment number

2. Date filed ........................................

3. Number of pages attached............

Yolanda Jimenez

September 24, 2025

STATEMENT AS OF MARCH 31, 2024 OF THE CONTINENTAL CASUALTY COMPANY

ASSETS

			Current Statement Date		4
		1	2		3	December 31
					Net Admitted Assets	Prior Year Net
		Assets	Nonadmitted Assets		(Cols. 1 - 2)	Admitted Assets
1.	Bonds	.......... 34,528,607,587	................292,183,322	..........	34,236,424,265	.......... 33,858,491,919
2.	Stocks:
	2.1 Preferred stocks	485,064,939	0	................	485,064,939	................490,879,503
	2.2 Common stocks	5,004,848,907	13,327,872	............	4,991,521,035	............ 4,922,602,291

3. Mortgage loans on real estate:

	3.1 First liens				1,018,514,481	0	1,018,514,481	1,023,814,125
	3.2 Other than first liens			0	0	0	0
4.	Real estate:
	4.1 Properties occupied by the company (less $	0
	encumbrances)			0	0	0	0
	4.2 Properties held for the production of income (less
	$	0	encumbrances)	.................................0	.................................0	.................................0	.................................0
	4.3 Properties held for sale (less $	0

	.......................................................................................encumbrances)			.................................0	.................................0	.................................0	.................................0
5.	Cash ($	221,417,522	), cash equivalents
	($	241,508,193	) and short-term
	investments ($	121,564,772 )	................584,917,981	.......................427,493	................584,490,487	................886,016,627
6.	Contract loans (including $	.................................	0	premium notes)	.................................0	.................................0	.................................0	.................................0
7.	Derivatives				.................................0	.................................0	.................................0	.................................0
8.	Other invested assets			............ 2,650,759,842	................. 10,847,049	............ 2,639,912,793	............ 2,541,458,079
9.	Receivables for securities			................. 34,595,084	.................................0	................. 34,595,084	................. 23,328,178
10.	Securities lending reinvested collateral assets	.................................0	.................................0	.................................0	.................................0
11.	Aggregate write-ins for invested assets	.................................0	.................................0	.................................0	.................................0
12.	Subtotals, cash and invested assets (Lines 1 to 11)	.......... 44,307,308,822	................316,785,737	.......... 43,990,523,085	.......... 43,746,590,721
13.	Title plants less $	0 charged off (for Title insurers
	only)				.................................0	.................................0	.................................0	.................................0
14.	Investment income due and accrued	................374,778,916	................... 2,493,328	................372,285,588	................366,137,451
15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of collection	............ 1,356,389,599	................230,077,130	............ 1,126,312,469	............ 1,218,444,498
	15.2 Deferred premiums, agents' balances and installments booked but
	.................deferred and not yet due (including $	57,951,130
	............................................................earned but unbilled premiums)	............ 1,629,156,847	................. 23,823,073	............ 1,605,333,775	............ 1,554,587,388
	15.3 Accrued retrospective premiums ($	0 ) and
	contracts subject to redetermination ($	0 )	................. 18,991,163	................... 2,436,739	................. 16,554,424	................. 14,767,010
16.	Reinsurance:
	....................................................16.1 Amounts recoverable from reinsurers	................294,829,638	.................................0	................294,829,638	................229,983,283
	16.2 Funds held by or deposited with reinsured companies	................... 6,014,257	.................................0	................... 6,014,257	................... 6,014,257
	16.3 Other amounts receivable under reinsurance contracts	.................................0	.................................0	.................................0	.................................0
17.	Amounts receivable relating to uninsured plans	.................................0	.................................0	.................................0	.................................0
18.1	....Current federal and foreign income tax recoverable and interest thereon	................... 7,467,620	.................................0	................... 7,467,620	................. 20,877,829
18.2	...................................................................................Net deferred tax asset			................859,920,637	................333,231,216	............... 526,689,421	................544,779,118
19.	......................................................Guaranty funds receivable or on deposit	................... 3,188,388	.................................0	................... 3,188,388	................... 3,226,881
20.	Electronic data processing equipment and software	................130,604,031	................126,786,546	................... 3,817,485	................... 3,712,683
21.	Furniture and equipment, including health care delivery assets
	($	0	)	................... 6,964,359	................... 6,964,359	.................................0	.................................0
22.	.........Net adjustment in assets and liabilities due to foreign exchange rates	.................................0	.................................0	.................................0	.................................0
23.	.....................................Receivables from parent, subsidiaries and affiliates	................. 82,449,178	........................ 43,078	................. 82,406,100	................. 20,162,448
24.	Health care ($	.................................	0 ) and other amounts receivable	.................................0	.................................0	.................................0	.................................0
25.	........................................Aggregate write-ins for other than invested assets	................486,079,309	............... 405,119,685	................. 80,959,625	................. 84,052,482
26.	Total assets excluding Separate Accounts, Segregated Accounts and
	Protected Cell Accounts (Lines 12 to 25)	.......... 49,564,142,763	............ 1,447,760,889	.......... 48,116,381,874	...........47,813,336,050
27.	From Separate Accounts, Segregated Accounts and Protected Cell
	Accounts				.................................0	.................................0	.................................0	.................................0
28.	Total (Lines 26 and 27)				49,564,142,763	1,447,760,889	48,116,381,874	47,813,336,050
	DETAILS OF WRITE-INS
1101.	......................................................................................................................	....................................	....................................	....................................	....................................
1102.	......................................................................................................................	....................................	....................................	....................................	....................................
1103.	......................................................................................................................	....................................	....................................	....................................	....................................
1198.	Summary of remaining write-ins for Line 11 from overflow page	.................................0	.................................0	.................................0	.................................0
1199.	Totals (Lines 1101 through 1103 plus 1198)(Line 11 above)	0	0	0	0
2501.	Amounts receivable under deductible and service only plans	..................37,333,187	................... 4,830,581	................. 32,502,606	................. 36,283,927
2502.	Other miscellaneous assets
........................................................................		................. 71,801,902	................. 48,536,931	................. 23,264,971	................. 22,996,087
2503.	Equities and deposits in pools and associations	................. 23,149,833	.................................0	................. 23,149,833	................. 22,731,660
2598.	...................Summary of remaining write-ins for Line 25 from overflow page	................353,794,387	................351,752,173	...................2,042,215	...................2,040,809
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)	486,079,309	405,119,685	80,959,625	84,052,482

STATEMENT AS OF MARCH 31, 2024 OF THE CONTINENTAL CASUALTY COMPANY

LIABILITIES, SURPLUS AND OTHER FUNDS

							1	2
							Current	December 31,
							Statement Date	Prior Year
1.	Losses (current accident year $	............	1,332,285,082 )			.......... 18,199,698,516	.......... 18,059,625,265
2.	.......................................................................................Reinsurance payable on paid losses and loss adjustment expenses		................. 18,513,369	................. 15,152,551
3.	Loss adjustment expenses					............ 2,477,441,538	............ 2,455,329,367
4.	.............................................................................Commissions payable, contingent commissions and other similar charges		................137,060,659	............... 180,905,656
5.	...............................................................................................................Other expenses (excluding taxes, licenses and fees)			................448,483,970	................530,310,178
6.	...................................................................................Taxes, licenses and fees (excluding federal and foreign income taxes)		................130,312,445	................148,275,053
7.1	Current federal and foreign income taxes (including $	6,659,547 on realized capital gains (losses))	..............	................. 14,106,593	................. 20,802,430
7.2	Net deferred tax liability					.................................0	.................................0
8.	Borrowed money $	0 and interest thereon $	0	.................................0	.................................0
9.	Unearned premiums (after deducting unearned premiums for ceded reinsurance of $	............ 1,018,060,525	and
	including warranty reserves of $	................. 94,436,410 and accrued accident and health experience rating refunds
	including $	0	...............................for medical loss ratio rebate per the Public Health Service Act)	............ 4,411,705,243	............ 4,347,768,437
10.	Advance premium					................. 15,976,754	................. 26,966,311
11.	Dividends declared and unpaid:
	11.1 Stockholders					.................................0	.................................0
	11.2 Policyholders					.................................0	.................................0
12.	........................................................................................Ceded reinsurance premiums payable (net of ceding commissions)		................916,374,321	................873,248,844
13.	..................................................................................................................Funds held by company under reinsurance treaties			................... 6,543,610	...................5,142,808
14.	Amounts withheld or retained by company for account of others	..............................................................................................		................... 4,135,036	................... 3,109,061
15.	........................................................................................................................................Remittances and items not allocated				................157,112,361	................. 46,367,146
16.	Provision for reinsurance (including $	.................................0	certified)		................. 66,594,974	................. 66,594,974
17.	...................................................................................Net adjustments in assets and liabilities due to foreign exchange rates		.................................0	.................................0
18.	Drafts outstanding					.................................0	.................................0
19.	............................................................................................................................Payable to parent, subsidiaries and affiliates			...................9,499,412	................. 19,022,787
20.	Derivatives					.................................0	...................... 597,265
21.	Payable for securities					............... 120,126,246	...................2,515,556
22.	Payable for securities lending					.................................0	.................................0
23.	......................................................................................................................Liability for amounts held under uninsured plans			.................................0	.................................0
24.	Capital notes $	0 and interest thereon $	0	.................................0	.................................0
25.	Aggregate write-ins for liabilities					10,035,647,408	10,065,364,121
26.	Total liabilities excluding protected cell liabilities (Lines 1 through 25)		37,169,332,455	36,867,097,809
27.	Protected cell liabilities					.................................0	.................................0
28.	...............................................................................................................................................Total liabilities (Lines 26 and 27)					...........37,169,332,455	.......... 36,867,097,809
29.	............................................................................................................................Aggregate write-ins for special surplus funds			................587,563,237	................606,198,787
30.	Common capital stock					................. 35,632,565	................. 35,632,565
31.	Preferred capital stock					.................................0	.................................0
32.	Aggregate write-ins for other than special surplus funds			.................................0	.................................0
33.	Surplus notes					.................................0	.................................0
34.	.......................................................................................................................................Gross paid in and contributed surplus				............ 5,684,824,266	............ 5,684,824,266
35.	Unassigned funds (surplus)				4,639,029,351	4,619,582,623

36. Less treasury stock, at cost:

	36.1	0 shares common (value included in Line 30	.................................$	0	)	.................................0	.................................0
	36.2	0 shares preferred (value included in Line 31	$	0	)	0	0
37.	Surplus as regards policyholders (Lines 29 to 35, less 36)			10,947,049,419	10,946,238,241
38.	Totals (Page 2, Line 28, Col. 3)				48,116,381,874	47,813,336,050
	DETAILS OF WRITE-INS
2501.	Long-termcare - Contract reserves (ALR)			11,146,505,738	.......... 11,192,638,810
2502.	Payable to NICO				................. 23,289,025	................. 27,896,272
2503.	..............................................................................................................................................................Other miscellaneous liabilities			19,592,016	................. 21,454,062
2598.	..............................................................................................Summary of remaining write-ins for Line 25 from overflow page			...........(1,153,739,371)	.......... (1,176,625,024)
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)				10,035,647,408	10,065,364,121
2901.	Special surplus fund - NICO retroactive reinsurance ceded			570,016,657	................590,765,570
2902.	...........................................................................................................Special surplus fund - Allstate retroactive reinsurance ceded			17,546,580	................. 15,433,217
2903		....................................
2998.	..............................................................................................Summary of remaining write-ins for Line 29 from overflow page			.................................0	.................................0
2999.	Totals (Lines 2901 through 2903 plus 2998)(Line 29 above)				587,563,237	606,198,787
3201		....................................
3202		....................................
3203		....................................
3298.	..............................................................................................Summary of remaining write-ins for Line 32 from overflow page			.................................0	.................................0
3299.	Totals (Lines 3201 through 3203 plus 3298)(Line 32 above)				0	0

STATEMENT AS OF MARCH 31, 2024 OF THE CONTINENTAL CASUALTY COMPANY

STATEMENT OF INCOME

						1	2		3
						Current	Prior Year	Prior Year Ended
						Year to Date	to Date	December 31
			UNDERWRITING INCOME
1.	Premiums earned:
	1.1 Direct (written $	............	1,799,145,390	)	1,733,780,564	1,776,719,770		............ 7,113,345,280

	1.2 Assumed (written $	.............................................................................1,591,893,709 )	............ 1,537,889,211	............ 1,340,085,775		............ 5,815,756,971
	1.3 Ceded (written $	............	1,196,234,631	)	............ 1,172,396,170	............ 1,179,126,317		............ 4,728,307,298

	1.4 Net (written $	............	2,194,804,468 )	.....................................................................................	............ 2,099,273,605	............ 1,937,679,228		............ 8,200,794,953
			DEDUCTIONS:
2.	Losses incurred (current accident year $	1,404,319,987	):
	2.1 Direct				1,314,662,643	1,485,346,233		............ 4,926,329,082
	2.2 Assumed				769,903,372	365,128,172		............ 2,828,362,528
	2.3 Ceded				................668,992,093	............... 569,942,266		............ 2,406,009,068
	2.4 Net				............ 1,415,573,922	............ 1,280,532,139		............ 5,348,682,541
3.	....................................................................................................Loss adjustment expenses incurred		................262,939,900	................246,720,710		............ 1,112,052,721
4.	.................................................................................................Other underwriting expenses incurred		................638,005,307	............... 595,585,592		............ 2,527,162,942
5.	Aggregate write-ins for underwriting deductions
(46,145,947)	(63,329,591)		..............(152,996,507)
6.	Total underwriting deductions (Lines 2 through 5)	2,270,373,182	2,059,508,850		............ 8,834,901,698
7.	Net income of protected cells
	0	0		0
8.	Net underwriting gain (loss) (Line 1 minus Line 6 + Line 7)	(171,099,577)	(121,829,622)		..............(634,106,745)
			INVESTMENT INCOME
9.	Net investment income earned		479,356,532	451,853,604		............ 2,073,238,958
10.	Net realized capital gains (losses) less capital gains tax of $	4,232,664	(23,492,770)	(34,978,463)		(116,407,608)
11.	Net investment gain (loss) (Lines 9 + 10)		455,863,762	416,875,141		............ 1,956,831,349
			OTHER INCOME
12.	Net gain or (loss) from agents' or premium balances charged off (amount recovered
	$	92,733	...................amount charged off $	2,638,490 )	................. (2,545,757)	................. (1,556,939)		................. (9,318,973)
13.	Finance and service charges not included in premiums	956,823	1,010,993		4,010,751
14.	Aggregate write-ins for miscellaneous income	...................................................................................	2,503,208	2,564,732		46,000,625
15.	Total other income (Lines 12 through 14)		914,274	2,018,786		40,692,404

16. Net income before dividends to policyholders, after capital gains tax and before all other federal

and foreign income taxes (Lines 8 + 11 + 15)	................285,678,459	297,064,305	1,363,417,008
17. Dividends to policyholders	6,717,484	5,051,691	24,268,430

18. Net income, after dividends to policyholders, after capital gains tax and before all other federal and

	foreign income taxes (Line 16 minus Line 17)	278,960,976	292,012,614	1,339,148,578
19.	Federal and foreign income taxes incurred	32,425,667	44,005,371	233,486,395
20.	Net income (Line 18 minus Line 19)(to Line 22)	246,535,308	248,007,243	1,105,662,183
	CAPITAL AND SURPLUS ACCOUNT
21.	Surplus as regards policyholders, December 31 prior year	10,946,238,241	10,572,214,280	10,572,214,280
22.	Net income (from Line 20)	246,535,308	248,007,243	1,105,662,183
23.	Net transfers (to) from Protected Cell accounts	.................................0	.................................0	.................................0
24.	.................Change in net unrealized capital gains (losses) less capital gains tax of $	15,367,041	................110,217,529	................124,190,393	................337,562,500
25.	Change in net unrealized foreign exchange capital gain (loss)	................(14,938,279)	...................2,099,882	................. 16,982,031
26.	Change in net deferred income tax	................(11,020,295)	................(14,141,199)	................. 26,064,915
27.	Change in nonadmitted assets	................(37,088,426)	................(12,467,439)	..............(148,661,543)
28.	Change in provision for reinsurance	.................................0	.................................0	................... 4,410,076
29.	Change in surplus notes	.................................0	.................................0	.................................0
30.	Surplus (contributed to) withdrawn from protected cells	.................................0	.................................0	.................................0
31.	Cumulative effect of changes in accounting principles	0	0	0

32. Capital changes:

	32.1	Paid in	.................................0	.................................0	.................................0
	32.2	Transferred from surplus (Stock Dividend)	.................................0	.................................0	.................................0
	32.3	Transferred to surplus	.................................0	.................................0	.................................0
33.	Surplus adjustments:
	33.1	Paid in	.................................0	.................................0	.................................0
	33.2	Transferred to capital (Stock Dividend)			.................................0
	.................................0	.................................0
	33.3	Transferred from capital	.................................0	.................................0	.................................0
34.	............................................................................................Net remittances from or (to) Home Office	.................................0	.................................0	.................................0
35.	Dividends to stockholders	(300,000,000)	(475,000,000)	.......... (1,055,000,000)
36.	.....................................................................................................................Change in treasury stock	.................................0	.................................0	.................................0
37.	...........................................................................Aggregate write-ins for gains and losses in surplus	7,105,342	8,180,650	87,003,800
38.	Change in surplus as regards policyholders (Lines 22 through 37)	811,178	(119,130,471)	374,023,961
39.	Surplus as regards policyholders, as of statement date (Lines 21 plus 38)	10,947,049,419	10,453,083,809	10,946,238,241
	DETAILS OF WRITE-INS
0501.	........................................................................................Long-termcare - Contract reserves (ALR)	................(46,133,752)	................(63,291,334)	..............(152,942,526)
0502.	....................................................North Carolina reinsurance facility recoupment - Underwriting	...................... (12,195)	.......................(38,256)	.......................(53,981)
0503	....................................	....................................	....................................
0598.	Summary of remaining write-ins for Line 5 from overflow page	0	0	.................................0
0599.	Totals (Lines 0501 through 0503 plus 0598)(Line 5 above)	(46,145,947)	(63,329,591)	(152,996,507)
1401.	Miscellaneous profit (loss) items	2,565,889	2,569,029	................... 9,952,792
1402.	..............................................................................................Retroactive reinsurance reserve development ceded - NICO	0	.................................0	................. 36,293,864
1403.	.................................................................................Funds held interest expense income (expense)	.................................0	............................. 153	............................. 611
1498.	Summary of remaining write-ins for Line 14 from overflow page	...................... (62,681)	........................ (4,449)	.....................(246,642)
1499.	Totals (Lines 1401 through 1403 plus 1498)(Line 14 above)	2,503,208	2,564,732	46,000,625
3701.	Pension, post retirement and SERP surplus adjustments	7,105,342	8,180,650	................. 87,003,800
3702	....................................	....................................	....................................
3703	....................................	....................................	....................................
3798.	.........................................................Summary of remaining write-ins for Line 37 from overflow page	.................................0	.................................0	.................................0
3799.	Totals (Lines 3701 through 3703 plus 3798)(Line 37 above)	7,105,342	8,180,650	87,003,800

STATEMENT AS OF MARCH 31, 2024 OF THE CONTINENTAL CASUALTY COMPANY

CASH FLOW

Cash from Operations

Current Year

To Date

Prior Year

To Date

Prior Year Ended

December 31

1.	Premiums collected net of reinsurance	............ 2,176,737,265	............ 2,094,110,439	............ 8,095,693,007
2.	Net investment income	................435,340,225	................388,290,937	............ 1,934,869,272
3.	Miscellaneous income	3,277,944	2,810,934	10,594,615
4.	Total (Lines 1 to 3)	2,615,355,434	2,485,212,310	10,041,156,894
5.	Benefit and loss related payments	............ 1,307,979,686	............ 1,125,832,694	............ 4,441,648,766
6.	.................Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	.................................0	.................................0	.................................0
7.	...............................................Commissions, expenses paid and aggregate write-ins for deductions	................964,759,322	................939,763,859	............ 3,255,634,392
8.	Dividends paid to policyholders	................... 6,717,484	...................5,051,691	................. 24,268,430
9.	Federal and foreign income taxes paid (recovered) net of $	0 tax on capital
	gains (losses)	29,495,654	18,810	209,001,276
10.	Total (Lines 5 through 9)	2,308,952,146	2,070,667,054	7,930,552,864
11.	Net cash from operations (Line 4 minus Line 10)	306,403,288	414,545,256	2,110,604,030

Cash from Investments

12. Proceeds from investments sold, matured or repaid:

	12.1	Bonds	............ 1,433,219,888	............ 1,891,640,129	............ 5,664,852,684
	12.2	Stocks	................183,532,983	................. 63,026,926	................326,475,802
	12.3	Mortgage loans	................. 17,439,115	................. 46,091,100	............... 121,120,222
	12.4	Real estate	.................................0	.................................0	.................................0
	12.5	Other invested assets	................. 11,204,278	................. 57,252,011	................170,953,781
	12.6	Net gains or (losses) on cash, cash equivalents and short-term investments	.....................(220,681)	...................... 941,874	.....................(671,765)
	12.7	Miscellaneous proceeds	106,343,783	9,430,161	0
	12.8 Total investment proceeds (Lines 12.1 to 12.7)	............ 1,751,519,366	............ 2,068,382,201	............ 6,282,730,724
13.	Cost of investments acquired (long-term only):
	13.1	Bonds	............ 1,815,916,042	............ 2,345,340,886	............ 6,501,704,441
	13.2	Stocks	............... 168,545,602	................. 80,455,842	................315,009,761
	13.3	Mortgage loans	................. 12,137,850	................. 12,467,520	................123,955,920
	13.4	Real estate	.................................0	.................................0	.................................0
	13.5	Other invested assets	................. 84,139,383	................138,450,939	................464,231,071
	13.6	Miscellaneous applications	256,045	0	12,673,919
	13.7	Total investments acquired (Lines 13.1 to 13.6)	2,080,994,922	2,576,715,187	7,417,575,112
14.	Net increase (or decrease) in contract loans and premium notes	0	0	0
15.	Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)	(329,475,556)	(508,332,986)	(1,134,844,388)
		Cash from Financing and Miscellaneous Sources

16.	Cash provided (applied):
	16.1	Surplus notes, capital notes
	.................................0	.................................0	.................................0
	16.2	Capital and paid in surplus, less treasury stock	.................................0	.................................0	.................................0
	16.3	Borrowed funds	.................................0	.................................0	.................................0
	16.4	Net deposits on deposit-type contracts and other insurance liabilities	.................................0	.................................0	.................................0
	..........................................................................................................16.5 Dividends to stockholders	................300,000,000	................475,000,000	............ 1,055,000,000
	....................................................................................................16.6 Other cash provided (applied)	21,877,601	(42,178,258)	(137,932,798)
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5
	plus Line 16.6)	(278,122,399)	(517,178,258)	(1,192,932,798)
	RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
18.	.Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)	..............(301,194,667)	..............(610,965,988)	..............(217,173,156)
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year	............... 886,112,648	............ 1,103,285,804	............ 1,103,285,804
	19.2 End of period (Line 18 plus Line 19.1)	584,917,981	492,319,816	886,112,648

Note: Supplemental disclosures of cash flow information for non-cash transactions:

20.0001.	Non-cash acquisition of	bonds and stocks - cost	................... 6,363,833	................... 5,139,005	................. 98,183,926
20.0002.	Non-cash disposition of	bonds and stocks - consideration	3,675,298	.................................0	................101,785,425
20.0003.	Non-cash acquisition of	other invested assets - cost	0	.................................0	................. 12,343,562
20.0004.	Non-cash disposition	of	other invested assets - consideration	.................................0	................... 2,321,343	................... 2,321,343
20.0005.	Non-cash acquisition	of	mortgage loans - cost	...................... 263,552	...................... 164,749	...................1,050,592

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NOTES TO FINANCIAL STATEMENTS

There have been no significant changes to the following December 31, 2023 Annual Statement notes: 1(B, C1-5,C7-13),2-4,5(A-C, D(2), E-P, R), 6-7,8(A3-A7, A9), 9-10, 11(A), 12(A(1-3,5-18),B-I),13(A-C,E-M),14(B-C,E-G),15-19,21(A-B,D-H),23-24,26-36.

Continental Casualty Company (CCC or the Company) is a wholly-owned subsidiary of The Continental Corporation (TCC), which is an insurance holding company which is wholly-owned by CNA Financial Corporation (CNAF). Loews Corporation (Loews) owned approximately 92% of the outstanding common stock of CNAF as of March 31, 2024.

Other related entities include American Casualty Company of Reading, Pennsylvania (ACCO), Bantry Insurance Company (BIC), CNA Insurance Company (Europe) S.A. (CICE), CNA Insurance Company Limited (CICL), Columbia Casualty Company (COL), Hardy Underwriting Bermuda Limited (Hardy), Inverin Insurance Company (IIC), National Fire Insurance Company of Hartford (NFI), Surety Bonding Company of America (SBCA), The Continental Insurance Company (CIC), The Continental Insurance Company of New Jersey (CNJ), Transportation Insurance Company (TPI), Universal Surety of America (USA), Valley Forge Insurance Company (VFI), and WesteSurety Company (WSC).

Note 1 - Summary of Significant Accounting Policies and Going Concern

Accounting Practices
The accompanying financial statements of CCC have been prepared in conformity with accounting practices prescribed or permitted by the State of Illinois (Illinois). Illinois requires its domiciled insurance companies to prepare statutory basis financial statements in accordance with the National Association of Insurance Commissioners Accounting Practices and Procedures Manual (NAIC SAP), subject to any deviations prescribed or permitted by Illinois. In the opinion of management, these financial statements include all adjustments, consisting of normal recurring accruals, necessary for the fair presentation of the statutory financial position, results of operations and cash flows.
The Company has obtained approvals pursuant to SSAP No. 62R, Property and Casualty Reinsurance, paragraphs 87 and 88 in conjunction with its 2010 Loss Portfolio Transfer (LPT) with National Indemnity Company (NICO) further discussed in Note 23 of the 2023 Annual Statement. These approvals allow the Company to aggregate all third-party asbestos and environmental pollution (A&EP) reinsurance balances administered by NICO in Schedule F and to utilize the LPT as collateral for the underlying third party reinsurance balances. In accordance with paragraph 121 of SSAP No. 62R, the impact of these approvals is a surplus benefit of $92 million.
A reconciliation of the Company's net income and capital and surplus between NAIC SAP and practices prescribed and permitted by Illinois as of and for the three months ended March 31, 2024 and as of and for the year ended December 31, 2023 is shown below.

		SSAP #	F/S Page	F/S Line #			March 31, 2024		December 31, 2023
Net income
1)	CCC state basis (Page 4, Line 20, Columns 1 & 2)				$	246,535,308	$	1,105,662,183
2)	State prescribed practices that are an increase/(decrease) from NAIC SAP	N/A	N/A	N/A			-			-
3)	State permitted practices that are an increase/(decrease) from NAIC SAP	N/A	N/A	N/A			-			-
4)	NAIC SAP (1-2-3=4)				$	246,535,308	$	1,105,662,183
Surplus

5)	CCC state basis (Page 3, Line 37, Columns 1 & 2)				$	10,947,049,419	$	10,946,238,241
6)	State prescribed practices that are an increase/(decrease) from NAIC SAP
	SSAP 62R	62R	3	16			92,091,484			92,091,484
7)	State permitted practices that are an increase/(decrease) from NAIC SAP	N/A	N/A	N/A			-			-
8)	NAIC SAP (5-6-7=8)				$	10,854,957,935	$	10,854,146,757

Accounting Policies
6. Loan-backed securities with NAIC designations 1 and 2 are stated at amortized cost, whereas, those with NAIC designations 3 through 6 are stated at the lower of amortized cost or fair value. However, certain legacy, non-agency loan- backed securities that closed prior to January 1, 2013 are stated at either fair value or the lower of amortized cost or fair value depending on the relationship between the amortized cost of the security and modeled price points provided by the NAIC. Non-rated residual tranches of loan-backed and structured securities are stated at the lower of amortized cost or fair value. The Company recognizes income for loan-backed securities using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments predominantly using the retrospective method. Unrealized gains (losses) resulting from loan-backed securities that are carried at fair value are credited or charged to unassigned surplus, net of the effects of income taxes.
Going Concern
Based upon its evaluation of relevant conditions and events, management did not have substantial doubt about the Company's ability to continue as a going conceas of March 31, 2024.

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NOTES TO FINANCIAL STATEMENTS

Note 5 - Investments

D. Loan-backed Securities

1. Prepayment assumptions for loan-backed securities were obtained by researching broker/dealer survey values, analyzing recent trends from remittance reports, and developing internal estimates.

The following table lists each loan-backed security held as of March 31, 2024, for which an OTTI loss was recognized

during the three months ended March 31, 2024, to reduce the amortized cost basis to the present value of cash flows

expected to be collected.

Amortized cost

Present value of

Amortized cost

Fair value at time of

Date of financial statement

CUSIP

projected cash

Recognized OTTI

before OTTI

flows

after OTTI

OTTI

where reported

23312RAJ4

1,128,534

380,597

747,937

380,597

3/31/2024

The following table summarizes the aggregate gross unrealized losses of loan-backed securities based on the difference

between fair value and amortized cost as of March 31, 2024.

a. The aggregate amount of unrealized losses:

1	Less than 12 months	$	17,641,258
2	12 months or longer		1,028,124,491
b. The aggregate related fair value of securities with unrealized losses:
1	Less than 12 months	$	1,110,155,371
2	12 months or longer		5,368,738,691

5. The assessment of whether an OTTI loss has occurred on a loan-backed security incorporates both quantitative and qualitative information. The Company considers its intent and ability, at the reporting date, to retain its investment for a period of time sufficient to recover the amortized cost basis. The Company also considers results and analysis of cash flow modeling for loan-backed securities. The focus of the analysis for loan-backed securities is on assessing the sufficiency and quality of underlying collateral and timing of cash flows based on scenario tests.
Prepayment Penalty and Acceleration Fees
The following table provides the number of CUSIPs sold, disposed of or otherwise redeemed, and the aggregate amount of investment income generated for bonds as a result of a callable or tender offer feature for the three months ended March 31, 2024.

			2024
(1)	Number of CUSIPs		7
(2)	Aggregate Amount of Investment Income	$	1,480,664

Note 8 - Derivative Instruments

Derivatives under SSAP No. 86 - Derivatives

1 & 2. The Company may use derivatives in the normal course of business, primarily in an attempt to reduce its exposure to market risk (principally interest rate risk, credit risk, equity price risk, and foreign currency risk) stemming from various assets and liabilities. The Company's principal objective under such strategies is to achieve the desired reduction in economic risk, even if the position does not receive hedge accounting treatment.

The Company may enter into interest rate swaps, futures and forward commitments to purchase securities to manage interest rate risk. The Company may use foreign currency forward contracts to manage foreign currency risk.

Credit exposure associated with non-performance by the counterparties to derivative instruments is generally limited to the uncollateralized fair value of the asset related to the instruments recognized on the balance sheet. The Company generally requires that all over-the-counter (OTC) derivative contracts be governed by an International Swaps and Derivatives Association Master Agreement, and exchanges collateral under the terms of these agreements with its derivative investment counterparties depending on the amount of the exposure and the credit rating of the counterparty. The Company does not offset derivative positions against the fair value of collateral provided and positions subject to netting arrangements.

There was no cash collateral provided by the Company and no cash collateral received from counterparties held as of March 31, 2024. There was less than $1 million of cash collateral provided by the Company and no cash collateral received from counterparties held as of December 31, 2023.

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ｓｔａｔｅｍｅｎｔ＠ａｓ＠ｏｆ＠ｍａｒｃｈ＠ＳＱＬ＠ＲＰＲＴ＠ｏｆ＠ｔｈｅ＠ｃｏｎｔｉｎｅｎｔａｌ＠ｃａｓｕａｌｔｙ＠ｃｏｍｐａｎｙ

NOTES TO FINANCIAL STATEMENTS

The following tables summarize the notional amount and fair value of the Company's derivative financial instruments as of March 31, 2024 and December 31, 2023.

		Contractual/notional amount

		March 31, 2024		December 31, 2023
a. Currency forwards	$	-		$	12,374,514
b. Total derivative financial instruments	$	-		$	12,374,514

					Estimated fair value

		Assets				Liabilities
		March 31, 2024		December 31, 2023			March 31, 2024		December 31, 2023
a. Currency forwards	$	-		$	-		$	-		$	597,265
b. Total	$	-	$	-	$	-	$	597,265

The notional amounts specified in the contracts are used to calculate the exchange of contractual payments under the agreements.

The Company did not have any derivatives with premium costs for the three months ended March 31, 2024.

Note 11 - Debt

B. Federal Home Loan Bank Agreement

The Company is a member of the Federal Home Loan Bank of Chicago (FHLBC). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. The FHLBC determines maximum borrowing capacity as 25% of total assets as long as there is sufficient stock and collateral to support the borrowing. As of March 31, 2024, the Company has pledged $396 million of collateral to the FHLBC in exchange for a $250 million letter of credit.
FHLBC Capital Stock
1. The following table shows the amount and classification of FHLBC capital stock held in aggregate total as of March 31, 2024 and December 31, 2023. The Company has determined the actual or estimated maximum borrowing capacity in accordance with FHLB specific borrowing limits.

				March 31, 2024								December 31, 2023
	Total general &						Protected cell		Total general &						Protected cell
		protected cell		General account					protected cell		General account
		accounts				accounts			accounts			accounts
Membership stock
Class A	$	-	$	-	$	-	$	-	$	-	$	-
Class B		4,750,000			4,750,000			-			4,750,000			4,750,000		-
Activity stock		250,000			250,000			-			250,000			250,000		-
Excess stock		-			-			-			-			-		-
Aggregate total	$	5,000,000	$	5,000,000	$	-	$	5,000,000	$	5,000,000		$	-
Actual borrowing

capacity as
determined by the	$	105,545,000	$	105,545,000	$	-	$	105,545,000	$	105,545,000		$	-
insurer

The following table shows the amount of FHLBC capital stock eligible and not eligible for redemption as of March 31, 2024.

		Current year	Not eligible for	Less than 6	6 months - 1	1 - 3 years	3 - 5 years
		total	redemption	months	year
Membership stock
Class A	$	- $	- $	- $	- $	- $	-
Class B		4,750,000			4,750,000			-	-	-	-

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NOTES TO FINANCIAL STATEMENTS

3. Collateral Pledged to the FHLBC

The following table shows the total amount of collateral pledged to and the total aggregate borrowing from the FHLBC as of March 31, 2024 and December 31, 2023.

	2024 - aggregate total			2024 - protected cell accounts		2023 - aggregate total
	Fair value		Carrying value			Fair value		Carrying value	Fair value	Carrying value
Total collateral	$ 335,337,308	$ 395,676,338	$	- $	-	$ 349,445,418	$ 402,540,792
pledged
Aggregate total	-		-			-	-	-	-
borrowing

The following table shows the maximum amount of collateral pledged to the FHLBC during the three months ended March 31, 2024 and the year ended December 31, 2023.

	2024 - aggregate total			2024 - protected cell accounts		2023 - aggregate total
	Fair value		Carrying value			Fair value		Carrying value	Fair value	Carrying value
Maximum collateral	$ 350,726,339	$ 403,490,529	$	- $	-	$ 347,998,319	$ 414,500,780
pledged
Amount borrowed at
time of maximum	-		-			-	-	-	-
collateral

4. Borrowing from FHLBC

a-c) The Company had no outstanding borrowings as of March 31, 2024.

Note 12 - Retirement Plans, Deferred Compensation, Postemployment Benefits and Compensated Absences and Other Postretirement Benefit Plans

Defined Benefit Plans
The following table summarizes the Company's net periodic (benefit) cost for the three months ended March 31, 2024 and 2023.
4. Components of net periodic benefit cost

			Pension benefits				Postretirement benefits
			2024			2023			2024	2023
a.	Service cost	$	-	$	-	$	37,818	$	33,106
b.	Interest cost		21,090,116			23,789,565			54,678	48,779
c.	Expected retuon plan assets		(28,373,333)			(28,968,623)			-	-
d.	Transition asset or obligation		-			-			-	-
e.	(Gains) and losses		6,643,472			7,841,348			461,830	339,792
f.	Prior service cost or (credit)		-			-			-	-
g.	(Gain) or loss recognized due to a		-			-			-	-
	settlement or curtailment
h.	Net periodic pension cost	$	(639,745)	$	2,662,290	$	554,326	$	421,677

Note 13 - Capital and Surplus, Dividend Restrictions and Quasi-Reorganizations

The Company paid $300 million of ordinary dividends to its parent company, TCC, on March 18, 2024.
Note 14 - Liabilities, Contingencies and Assessments

Contingent Commitments
1. As of March 31, 2024, the Company had committed approximately $1,185 million to future capital calls from various third- party limited partnership investments in exchange for an ownership interest in the related partnerships.

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NOTES TO FINANCIAL STATEMENTS

2. The following table lists each guarantee, or each group of similar guarantees, on indebtedness of others as of March 31, 2024, in accordance with SSAP No. 5R - Liabilities, Contingencies, and Impairments of Assets - Revised (SSAP No. 5R).


	Liability recognition			Maximum potential
			amount of future
		of guarantee.		Ultimate		payments
		(Include amount		(undiscounted) the
		recognized at		financial		guarantor could be
		inception. If no	statement	required to make under	Current status of payment or
Nature and circumstances of guarantee and key		initial recognition,	impact if action		the guarantee. If
document exception	under the		unable to develop an	performance risk of guarantee. Also
attributes, including date and duration of		allowed under	guarantee is	estimate, this should be	provide additional discussion as
agreement.		SSAP No. 5R).	required.		specifically noted.	warranted.
CCC executed a Deed of Guarantee to support	$	-	(a)	Capital		Unlimited	CCC does not believe that a payment
the financial strength of its United Kingdom				Contribution			is likely under this guarantee
affiliate, CICL, to maintain an S&P rating at the
same level as the rating assigned to CCC. This
Deed of Guarantee was renewed to be effective
for the period of January 2023 through
December 2025. Under the terms of the Deed
of Guarantee, CCC guarantees all liabilities that
arise or have arisen under policies of insurance
or contracts of reinsurance entered into by
CICL.
CCC executed a Deed of Guarantee to support	$	-	(a)	Capital		Unlimited	CCC does not believe that a payment
the financial strength of its European affiliate,				Contribution			is likely under this guarantee
CICE, to maintain an S&P rating at the same
level as the rating assigned to CCC. This Deed
of Guarantee was renewed to be effective for
the period of January 2023 through December
2025. Under the terms of the Deed of
Guarantee, CCC guarantees all liabilities that
arise or have arisen under policies of insurance
or contracts of reinsurance entered into by
CICE.
Through a Deed of Amendment and Substitute	$	-		Expense	$	-	CCC does not believe that future
of Principal Employer, dated July 2008, CICL							indemnity claims, if any, will be
became the new principal employer of the							significantly greater than the amounts
Retirement Benefits Plan (1977) (the Plan)							recorded.
related to the 2002 sale of CNA Re
Management Company Limited, a former
subsidiary of CCC. In consideration for CICL
assuming this obligation, CCC agrees to
indemnify CICL for any disbursements that
CICL makes as new principal employer of the
Plan. The guarantee has no termination date
and will continue in effect as long as the Plan
continues to have obligations.

Effective in January 2013, CCC and its wholly	$	-	(a)	Expense		Unlimited	CCC does not believe a payment is
owned subsidiaries, ACCO, COL, CIC, CNJ,							likely under this indemnification.
NFI, TPI, and VFI (the Pooled Companies), are
party to an Intercompany Agreement and
Guaranty (the Guaranty) whereby CCC agrees
to guarantee the payment of all amounts of
reinsurance recoverables due to the Pooled
Companies in connection with third party
reinsurance. In recognition of the Guaranty,
each Pooled Company will offset the Schedule
F penalty, if any, attributable to the third party
reinsurance and CCC will correspondingly
record its exposure to the Guaranty by reporting
a Schedule F penalty. The Guaranty has no
termination date and will survive until all third
party reinsurance recoverables have been
collected in full or until terminated by CCC or
the Pooled Companies.

In the course of selling business entities and	$	-		Expense		Unlimited	CCC does not believe a payment is
assets to third parties in August 2014, CCC							likely under this indemnification.
agreed to indemnify purchasers for losses
arising out of breaches of representation and
warranties with respect to the business entities
or assets sold, including, in certain cases,
losses arising from undisclosed liabilities or
certain named litigation. Certain provisions of
the indemnification agreement survive
indefinitely while others survive until the
applicable statutes of limitation expire or until
the agreed-upon contract terms expire.
CCC issued a guarantee of all of CNA Warranty	$	-		Expense		Unlimited	CCC does not believe it is likely to
Services, Inc.'s (CWS) obligations with respect							require to make a payment under this
to CWS's Residential Service Company (RSC)							guarantee
license in Texas in 2016. This guarantee
encompasses both the financial strength and
obligations of CWS with respect to its RSC
license in Texas. This guarantee will continue
until CWS's RSC license is terminated.

CCC issued a guarantee of all of CNA Warranty	$	-		Expense		Unlimited	CCC does not believe it is likely to
Services, Inc.'s (CWS) obligations with respect							require to make a payment under this
to CWS's Service Contract Provider (SCP)							guarantee
License in Washington in 2019. This guarantee
encompasses both the financial strength and
obligations of CWS with respect to its SCP
license. This guarantee will continue until
CWS's SCP license is terminated.
Total	$	-			$	-

Guarantees made to/or on behalf of directly or indirectly wholly-owned insurance or non-insurance subsidiaries are exempt from initial liability recognition.

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CNA Financial Corporation published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 14:46:24 UTC.