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Midas Edge

CNA FINANCIAL CORP

For the period ended Dec 31, 2025. Filed Feb 10, 2026.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 10, 2026

CNA$48.16+1.6%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Condensed Financial Information of Registrant (Parent Company)

SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY)

Statements of Operations and Comprehensive Income

(In millions)202520242023
Revenues
Net investment income$36$42$41
Total revenues364241
Expenses
Administrative and general222
Interest135132126
Total expenses137134128
Loss from operations before income taxes and equity in net income of subsidiaries(101)(92)(87)
Income tax benefit374
Loss before equity in net income of subsidiaries(98)(85)(83)
Equity in net income of subsidiaries1,3761,0441,288
Net income1,2789591,205
Equity in other comprehensive income of subsidiaries893681926
Total comprehensive income$2,171$1,640$2,131

Balance Sheets

(In millions, except share data)20252024
Assets
Investment in subsidiaries$13,845$12,684
Cash11
Short-term investments796846
Amounts due from affiliates34
Other assets11
Total assets$14,646$13,536
Liabilities
Long-term debt$2,971$2,973
Other liabilities5450
Total liabilities3,0253,023
Stockholders' Equity
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,671,747 and 270,844,681 shares outstanding)683683
Additional paid-in capital2,2292,229
Retained earnings9,9159,686
Accumulated other comprehensive loss(1,098)(1,991)
Treasury stock (2,368,496 and 2,195,562 shares), at cost(108)(94)
Total stockholders' equity11,62110,513
Total liabilities and stockholders' equity$14,646$13,536

Statements of Cash Flows

(In millions)202520242023
Cash Flows from Operating Activities
Net income$1,278$959$1,205
Adjustments to reconcile net income to net cash flows provided by operating activities:
Equity in net income of subsidiaries(1,376)(1,044)(1,288)
Dividends received from subsidiaries1,1159951,055
Other, net1092
Net cash flows provided by operating activities1,027919974
Cash Flows from Investing Activities
Change in short-term investments84204(395)
Capital contributions to subsidiaries(7)(6)(3)
Net cash flows provided (used) by investing activities77198(398)
Cash Flows from Financing Activities
Dividends paid to common stockholders(1,047)(1,025)(787)
Proceeds from the issuance of debt495490491
Repayment of debt(500)(550)(243)
Purchase of treasury stock(34)(20)(24)
Other, net(18)(12)(14)
Net cash flows used by financing activities(1,104)(1,117)(577)
Net change in cash——(1)
Cash, beginning of year112
Cash, end of year$1$1$1

Notes to Condensed Financial Information

A. Summary of Significant Accounting Policies

Basis of Presentation

The condensed financial information of CNA Financial Corporation (CNAF or the Parent Company) should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Item 8 of this Form 10-K. CNAF’s subsidiaries are accounted for using the equity method of accounting. Equity in net income of these subsidiaries is presented on the Condensed Statements of Operations as Equity in net income of subsidiaries. Loews owned approximately 92% of the outstanding common stock of CNAF as of December 31, 2025.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.