CNA FINANCIAL CORP
For the period ended Dec 31, 2024. Filed Feb 11, 2025.
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FY2024 · Filed Feb 11, 2025
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Life & Group
The Life & Group segment includes our run-off long-term care business as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants. Long-term care policies were sold on both an individual and group basis.
The following table summarizes the results of operations for Life & Group.
| (In millions) | 2024 | 2023 |
|---|---|---|
| Net earned premiums | $437 | $451 |
| Claims, benefits and expenses | 1,429 | 1,436 |
| Net investment income | 940 | 896 |
| Core loss | (23) | (48) |
Core loss decreased $25 million in 2024 as compared with 2023 primarily due to higher net investment income. Both years are inclusive of assumption updates as a result of the annual reserve review completed in the third quarter of each year.
The cash flow assumption updates from the annual reserve review for 2024 and 2023 resulted in a pretax increase in long-term care reserves of $15 million and $8 million.
The annual structured settlement reserve review resulted in a pretax reduction in claim reserves of $9 million and $6 million for 2024 and 2023.
The following tables summarize policyholder reserves for Life & Group.
| (In millions) | Claim and claim adjustment expenses | Future policy benefits | Total |
|---|---|---|---|
| Long-term care | $— | $13,158 | $13,158 |
| Structured settlement and other | 541 | — | 541 |
| Total | 541 | 13,158 | 13,699 |
| Ceded reserves | 81 | — | 81 |
| Total gross reserves | $622 | $13,158 | $13,780 |
| (In millions) | Claim and claim adjustment expenses | Future policy benefits | Total |
|---|---|---|---|
| Long-term care | $— | $13,959 | $13,959 |
| Structured settlement and other | 582 | — | 582 |
| Total | 582 | 13,959 | 14,541 |
| Ceded reserves | 93 | — | 93 |
| Total gross reserves | $675 | $13,959 | $14,634 |
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