CNA FINANCIAL CORP
For the period ended Dec 31, 2023. Filed Feb 6, 2024.
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FY2023 · Filed Feb 6, 2024
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Net Investment Gains (Losses)
Net Investment (Losses) Gains
The components of Net investment (losses) gains are presented in the following table.
| (In millions) | 2023 | 2022 |
|---|---|---|
| Fixed maturity securities: | ||
| Corporate bonds and other | $(57) | $(89) |
| States, municipalities and political subdivisions | 10 | 26 |
| Asset-backed | (44) | (34) |
| Total fixed maturity securities | (91) | (97) |
| Non-redeemable preferred stock | 4 | (116) |
| Derivatives, short term and other | (1) | 22 |
| Mortgage loans | (11) | (8) |
| Net investment losses | (99) | (199) |
| Income tax benefit on net investment losses | 20 | 45 |
| Net investment losses, after tax | $(79) | $(154) |
Pretax net investment losses decreased $100 million for 2023 as compared with 2022 driven by the favorable change in fair value of non-redeemable preferred stock.
Additionally, Derivatives, short term and other for 2022 included an $18 million non-economic net gain related to the novation of a coinsurance agreement on our legacy annuity business in our Life & Group segment and the associated funds withheld embedded derivative. The coinsurance agreement was novated in the fourth quarter of 2022.
Further information on our investment gains and losses as well as on our derivative financial instruments is set forth in Notes A and B to the Consolidated Financial Statements included under Item 8.
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