CNA FINANCIAL CORP
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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FY2025 · Filed Feb 10, 2026
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Portfolio Quality
The following table presents the estimated fair value and net unrealized gains (losses) of our fixed maturity securities by rating distribution.
| December 31 | 2025 | 2024 | ||
|---|---|---|---|---|
| (In millions) | Estimated Fair Value | Net Unrealized Gains (Losses) | Estimated Fair Value | Net Unrealized Gains (Losses) |
| U.S. Government, Government agencies and Government-sponsored enterprises | $3,274 | $(228) | $2,936 | $(369) |
| AAA | 3,997 | (136) | 3,010 | (217) |
| AA | 7,001 | (428) | 6,369 | (567) |
| A | 11,167 | (140) | 10,260 | (379) |
| BBB | 16,249 | (223) | 16,757 | (729) |
| Non-investment grade | 1,714 | (42) | 1,779 | (64) |
| Total | $43,402 | $(1,197) | $41,111 | $(2,325) |
As of December 31, 2025 and 2024, 1% of our fixed maturity portfolio was rated internally. Additionally, as of December 31, 2025 and 2024, we assigned a AAA rating to $661 million and $199 million of municipal bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S. government agency or sponsored enterprise.
The following table presents available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution.
| December 31, 2025 | ||
|---|---|---|
| (In millions) | Estimated Fair Value | Gross Unrealized Losses |
| U.S. Government, Government agencies and Government-sponsored enterprises | $1,980 | $267 |
| AAA | 1,376 | 243 |
| AA | 3,827 | 623 |
| A | 5,025 | 440 |
| BBB | 7,758 | 639 |
| Non-investment grade | 678 | 74 |
| Total | $20,644 | $2,286 |
The following table presents the maturity profile for these available-for-sale fixed maturity securities. Securities not due to mature on a single date are allocated based on weighted average life.
| December 31, 2025 | ||
|---|---|---|
| (In millions) | Estimated Fair Value | Gross Unrealized Losses |
| Due in one year or less | $821 | $11 |
| Due after one year through five years | 5,277 | 224 |
| Due after five years through ten years | 5,752 | 607 |
| Due after ten years | 8,794 | 1,444 |
| Total | $20,644 | $2,286 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.