CNA Financial Corporation Condensed Consolidated Statements of Operations (Unaudited) Periods ended June 30 Three Months Six Months (In millions, except per share data) 2026 2025 2026 2025 Revenues Net earned premiums $ 2,759 $ 2,694 $ 5,460 $ 5,320 Net investment income 701 662 1,311 1,266 Net investment losses (5) (46) (23) (55) Non-insurance warranty revenue 367 398 741 795 Other revenues 7 9 17 18 Total revenues 3,829 3,717 7,506 7,344 Claims, Benefits and Expenses Insurance claims and policyholders’ benefits (re-measurement loss of $25, $15, $44 and $23) 2,169 2,085 4,344 4,112 Amortization of deferred acquisition costs 481 469 957 940 Non-insurance warranty expense 356 384 712 769 Other operating expenses 385 368 755 731 Interest expense 33 31 66 63 Total claims, benefits and expenses 3,424 3,337 6,834 6,615 Income before income tax 405 380 672 729 Income tax expense (84) (81) (140) (156) Net income $ 321 $ 299 $ 532 $ 573 Basic earnings per share $ 1.18 $ 1.10 $ 1.96 $ 2.11 Diluted earnings per share $ 1.18 $ 1.10 $ 1.95 $ 2.10 Weighted Average Outstanding Common Stock and Common Stock Equivalents Basic 270.9 271.1 271.0 271.2 Diluted 271.7 272.2 272.0 272.4 The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited). 3 Table of Contents CNA Financial Corporation Condensed Consolidated Statements of Comprehensive Income (Unaudited) Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Comprehensive Income Net income $ 321 $ 299 $ 532 $ 573 Other Comprehensive Income (Loss), net of tax Changes in: Net unrealized gains and losses on investments with an allowance for credit losses (1) 1 (8) (2) Net unrealized gains and losses on other investments 190 72 (235) 355 Net unrealized gains and losses on investments 189 73 (243) 353 Impact of changes in discount rates used to measure long-duration contract liabilities (34) (3) 180 (117) Foreign currency translation adjustment (22) 128 (56) 166 Pension and postretirement benefits — 1 1 3 Other comprehensive income (loss), net of tax 133 199 (118) 405 Total comprehensive income $ 454 $ 498 $ 414 $ 978 The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited). 4 Table of Contents CNA Financial Corporation Condensed Consolidated Balance Sheets (In millions, except share data) June 30, 2026 (Unaudited) December 31, 2025 Assets Investments: Fixed maturity securities at fair value (amortized cost of $45,458 and $44,668, less allowance for credit loss of $63 and $69) $ 43,882 $ 43,402 Equity securities at fair value (cost of $760 and $728) 793 769 Limited partnership investments 2,904 2,772 Other invested assets 119 105 Mortgage loans (less allowance for credit loss of $15 and $15) 1,037 1,079 Short-term investments 1,721 2,320 Total investments 50,456 50,447 Cash 339 425 Reinsurance receivables (less allowance for uncollectible receivables of $27 and $27) 6,497 6,381 Insurance receivables (less allowance for uncollectible receivables of $25 and $25) 4,199 3,739 Accrued investment income 487 480 Deferred acquisition costs 1,026 986 Deferred income taxes 576 575 Property and equipment at cost (less accumulated depreciation of $339 and $346) 291 282 Goodwill 147 148 Deferred non-insurance warranty acquisition expense 2,981 3,220 Other assets 2,875 2,760 Total assets $ 69,874 $ 69,443 Liabilities Insurance reserves: Claim and claim adjustment expenses $ 27,490 $ 26,599 Unearned premiums 8,035 7,635 Future policy benefits 13,262 13,448 Long-term debt 2,973 2,971 Deferred non-insurance warranty revenue 3,798 4,138 Other liabilities (includes $54 and $54 due to Loews Corporation) 3,130 3,031 Total liabilities 58,688 57,822 Commitments and contingencies (Notes C and G) Stockholders' Equity Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,598,685 and 270,671,747 shares outstanding) 683 683 Additional paid-in capital 2,199 2,229 Retained earnings 9,637 9,915 Accumulated other comprehensive loss (1,216) (1,098) Treasury stock (2,441,558 and 2,368,496 shares), at cost (117) (108) Total stockholders’ equity 11,186 11,621 Total liabilities and stockholders' equity $ 69,874 $ 69,443 The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited). 5 Table of Contents CNA Financial Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) Six months ended June 30 (In millions) 2026 2025 Cash Flows from Operating Activities Net income $ 532 $ 573 Adjustments to reconcile net income to net cash flows provided by operating activities: Deferred income tax expense 17 28 Trading portfolio activity (2) (11) Net investment losses 23 55 Equity method investees (29) (18) Net amortization of investments (109) (96) Depreciation and amortization 40 35 Changes in: Receivables, net (601) (669) Accrued investment income (8) (7) Deferred acquisition costs (43) (49) Insurance reserves 1,442 1,414 Other, net (220) (55) Net cash flows provided by operating activities 1,042 1,200 Cash Flows from Investing Activities Dispositions: Fixed maturity securities - sales 1,573 1,497 Fixed maturity securities - maturities, calls and redemptions 1,633 1,613 Equity securities 312 261 Limited partnerships 101 51 Mortgage loans 53 37 Purchases: Fixed maturity securities (3,997) (3,756) Equity securities (322) (296) Limited partnerships (174) (192) Mortgage loans (11) (62) Change in other investments (13) 4 Change in short-term investments 621 422 Purchases of property and equipment (33) (42) Other, net 2 (8) Net cash flows used by investing activities (255) (471) Cash Flows from Financing Activities Dividends paid to common stockholders (812) (798) Purchase of treasury stock (36) (34) Other, net (19) (15) Net cash flows used by financing activities (867) (847) Effect of foreign exchange rate changes on cash (6) 19 Net change in cash (86) (99) Cash, beginning of year 425 472 Cash, end of period $ 339 $ 373 The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited). 6 Table of Contents CNA Financial Corporation Condensed Consolidated Statements of Stockholders' Equity (Unaudited) Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Common Stock Balance, beginning of period $ 683 $ 683 $ 683 $ 683 Balance, end of period 683 683 683 683 Additional Paid-in Capital Balance, beginning of period 2,195 2,204 2,229 2,229 Stock-based compensation 4 9 (30) (16) Balance, end of period 2,199 2,213 2,199 2,213 Retained Earnings Balance, beginning of period 9,448 9,287 9,915 9,686 Dividends to common stockholders ($0.48, $0.46, $2.96 and $2.92 per share) (132) (126) (810) (799) Net income 321 299 532 573 Balance, end of period 9,637 9,460 9,637 9,460 Accumulated Other Comprehensive Loss Balance, beginning of period (1,349) (1,785) (1,098) (1,991) Other comprehensive income (loss) 133 199 (118) 405 Balance, end of period (1,216) (1,586) (1,216) (1,586) Treasury Stock Balance, beginning of period (120) (110) (108) (94) Stock-based compensation 3 1 27 19 Purchase of treasury stock — — (36) (34) Balance, end of period (117) (109) (117) (109) Total stockholders' equity $ 11,186 $ 10,661 $ 11,186 $ 10,661 The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited). 7 Table of Contents CNA Financial Corporation Notes to Condensed Consolidated Financial Statements Note A. General Basis of Presentation The Condensed Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 92% of the outstanding common stock of CNAF as of June 30, 2026. The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, including certain financial statement notes, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in CNAF's Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) for the year ended December 31, 2025, including the summary of significant accounting policies in Note A. The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. The interim financial data as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 is unaudited. However, in the opinion of management, the interim data includes all adjustments, including normal recurring adjustments, necessary for a fair statement of the Company's results for the interim periods in accordance with GAAP. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Accounting Standards Pending Adoption In November 2024, the FASB issued Accounting Standards Update (ASU) No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures and expects to provide additional disaggregated disclosures related to certain expense categories. 8 Table of Contents Note B. Earnings Per Share Data Earnings per share is based on weighted average number of outstanding common shares. Basic earnings per share excludes the impact of dilutive securities and is computed by dividing Net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The following table presents the income and share data used in the basic and diluted earnings per share computations. Periods ended June 30 Three Months Six Months (In millions, except per share data) 2026 2025 2026 2025 Net income $ 321 $ 299 $ 532 $ 573 Common Stock and Common Stock Equivalents Basic Weighted average shares outstanding 270.9 271.1 271.0 271.2 Diluted Weighted average shares outstanding 270.9 271.1 271.0 271.2 Dilutive effect of stock-based awards under compensation plans 0.8 1.1 1.0 1.2 Total 271.7 272.2 272.0 272.4 Earnings per share Basic $ 1.18 $ 1.10 $ 1.96 $ 2.11 Diluted $ 1.18 $ 1.10 $ 1.95 $ 2.10 Excluded from the calculation of diluted earnings per share is the impact of potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans that would have been antidilutive during the respective periods. 9 Table of Contents Note C. Investments The significant components of Net investment income are presented in the following table. Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Fixed maturity securities $ 553 $ 536 $ 1,096 $ 1,058 Equity securities 41 27 37 33 Limited partnership investments 99 81 154 137 Mortgage loans 15 16 32 32 Short-term investments 11 14 30 33 Trading portfolio 1 3 1 4 Other 4 8 8 14 Gross investment income 724 685 1,358 1,311 Investment expense (23) (23) (47) (45) Net investment income $ 701 $ 662 $ 1,311 $ 1,266 Net investment income (loss) recognized due to the change in fair value of common stock held as of June 30, 2026 and 2025 $ 9 $ 15 $ 10 $ 15 Net investment gains (losses) are presented in the following table. Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Net investment gains (losses): Fixed maturity securities: Gross gains $ 19 $ 5 $ 25 $ 18 Gross losses (27) (53) (47) (75) Net investment gains (losses) on fixed maturity securities (8) (48) (22) (57) Equity securities 3 6 (1) 6 Mortgage loans — (5) — (5) Short-term investments and other — 1 — 1 Net investment gains (losses) $ (5) $ (46) $ (23) $ (55) Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of June 30, 2026 and 2025 $ 2 $ 6 $ (3) $ 4 The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date. Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Fixed maturity securities available-for-sale: Corporate and other bonds $ — $ 4 $ 8 $ 11 Asset-backed 3 5 6 5 Impairment losses (gains) recognized in earnings $ 3 $ 9 $ 14 $ 16 There were no impairment losses recognized on mortgage loans during the three and six months ended June 30, 2026. The Company recognized $5 million of impairment losses on mortgage loans during the three and six months ended June 30, 2025 due to changes in expected credit losses. 10 Table of Contents The following tables present a summary of fixed maturity securities. June 30, 2026 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 25,722 $ 513 $ 964 $ 16 $ 25,255 States, municipalities and political subdivisions 9,257 305 727 — 8,835 Asset-backed: Residential mortgage-backed 4,235 31 385 — 3,881 Commercial mortgage-backed 1,580 12 79 21 1,492 Other asset-backed 3,690 14 217 26 3,461 Total asset-backed 9,505 57 681 47 8,834 U.S. Treasury and obligations of government-sponsored enterprises 242 — 3 — 239 Foreign government 722 8 21 — 709 Redeemable preferred stock 8 — — — 8 Total fixed maturity securities available-for-sale $ 45,456 $ 883 $ 2,396 $ 63 $ 43,880 Total fixed maturity securities trading 2 — — — 2 Total fixed maturity securities $ 45,458 $ 883 $ 2,396 $ 63 $ 43,882 December 31, 2025 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 25,484 $ 682 $ 881 $ 28 $ 25,257 States, municipalities and political subdivisions 8,870 303 742 — 8,431 Asset-backed: Residential mortgage-backed 4,011 50 366 — 3,695 Commercial mortgage-backed 1,566 18 80 21 1,483 Other asset-backed 3,729 28 194 20 3,543 Total asset-backed 9,306 96 640 41 8,721 U.S. Treasury and obligations of government-sponsored enterprises 236 1 3 — 234 Foreign government 764 7 20 — 751 Redeemable preferred stock 8 — — — 8 Total fixed maturity securities available-for-sale $ 44,668 $ 1,089 $ 2,286 $ 69 $ 43,402 Total fixed maturity securities trading — — — — — Total fixed maturity securities $ 44,668 $ 1,089 $ 2,286 $ 69 $ 43,402 11 Table of Contents The following tables present the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position. Less than 12 Months 12 Months or Longer Total June 30, 2026 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 5,910 $ 96 $ 7,533 $ 868 $ 13,443 $ 964 States, municipalities and political subdivisions 373 6 3,428 721 3,801 727 Asset-backed: Residential mortgage-backed 601 10 1,837 375 2,438 385 Commercial mortgage-backed 167 3 785 76 952 79 Other asset-backed 647 10 1,341 207 1,988 217 Total asset-backed 1,415 23 3,963 658 5,378 681 U.S. Treasury and obligations of government-sponsored enterprises 167 2 14 1 181 3 Foreign government 210 3 223 18 433 21 Total $ 8,075 $ 130 $ 15,161 $ 2,266 $ 23,236 $ 2,396 Less than 12 Months 12 Months or Longer Total December 31, 2025 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 2,776 $ 56 $ 8,576 $ 825 $ 11,352 $ 881 States, municipalities and political subdivisions 403 8 3,471 734 3,874 742 Asset-backed: Residential mortgage-backed 154 1 2,002 365 2,156 366 Commercial mortgage-backed 36 2 887 78 923 80 Other asset-backed 420 9 1,432 185 1,852 194 Total asset-backed 610 12 4,321 628 4,931 640 U.S. Treasury and obligations of government-sponsored enterprises 78 2 18 1 96 3 Foreign government 131 1 260 19 391 20 Total $ 3,998 $ 79 $ 16,646 $ 2,207 $ 20,644 $ 2,286 12 Table of Contents The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution. June 30, 2026 December 31, 2025 (In millions) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses U.S. Government, Government agencies and Government-sponsored enterprises $ 2,198 $ 283 $ 1,980 $ 267 AAA 1,400 241 1,376 243 AA 4,127 630 3,827 623 A 5,854 477 5,025 440 BBB 8,741 670 7,758 639 Non-investment grade 916 95 678 74 Total $ 23,236 $ 2,396 $ 20,644 $ 2,286 Based on current facts and circumstances, the Company believes the unrealized losses presented in the June 30, 2026 securities in a gross unrealized loss position tables above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the Company considered the volatility in risk-free rates and credit spreads as well as the fact that its unrealized losses are concentrated in investment grade issuers. Additionally, the Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional impairment losses to be recorded as of June 30, 2026. 13 Table of Contents The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (PCD) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $477 million, $470 million and $451 million as of June 30, 2026, December 31, 2025 and June 30, 2025 and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables included within this Note. (In millions) Corporate and other bonds Asset-backed Total Allowance for credit losses: Balance as of April 1, 2026 $ 31 $ 44 $ 75 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded — — — Available-for-sale securities accounted for as PCD assets 1 — 1 Reductions to the allowance for credit losses: Securities disposed during the period (realized) 16 — 16 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period — 3 3 Balance as of June 30, 2026 $ 16 $ 47 $ 63 (In millions) Corporate and other bonds Asset-backed Total Allowance for credit losses: Balance as of April 1, 2025 $ 15 $ 32 $ 47 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 3 — 3 Available-for-sale securities accounted for as PCD assets — — — Reductions to the allowance for credit losses: Securities disposed during the period (realized) 6 — 6 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 2 5 7 Balance as of June 30, 2025 $ 14 $ 37 $ 51 14 Table of Contents (In millions) Corporate and other bonds Asset-backed Total Allowance for credit losses: Balance as of January 1, 2026 $ 28 $ 41 $ 69 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 3 — 3 Available-for-sale securities accounted for as PCD assets 1 — 1 Reductions to the allowance for credit losses: Securities disposed during the period (realized) 16 — 16 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period — 6 6 Balance as of June 30, 2026 $ 16 $ 47 $ 63 (In millions) Corporate and other bonds Asset-backed Total Allowance for credit losses: Balance as of January 1, 2025 $ 13 $ 32 $ 45 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 3 — 3 Available-for-sale securities accounted for as PCD assets — — — Reductions to the allowance for credit losses: Securities disposed during the period (realized) 6 — 6 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 4 5 9 Balance as of June 30, 2025 $ 14 $ 37 $ 51 15 Table of Contents Contractual Maturity The following table presents available-for-sale fixed maturity securities by contractual maturity. June 30, 2026 December 31, 2025 (In millions) Cost or Amortized Cost Estimated Fair Value Cost or Amortized Cost Estimated Fair Value Due in one year or less $ 1,424 $ 1,418 $ 1,392 $ 1,389 Due after one year through five years 11,048 10,836 11,318 11,214 Due after five years through ten years 13,437 13,050 13,491 13,238 Due after ten years 19,547 18,576 18,467 17,561 Total $ 45,456 $ 43,880 $ 44,668 $ 43,402 Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life. Mortgage Loans The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV). June 30, 2026 Mortgage Loans Amortized Cost Basis by Origination Year (1) (In millions) 2026 2025 2024 2023 2022 Prior Total DSCR ≥1.6x LTV less than 55% $ — $ 38 $ — $ 33 $ 15 $ 229 $ 315 LTV 55% to 65% — 37 — 12 12 — 61 LTV greater than 65% — — — — — 13 13 DSCR 1.2x - 1.6x LTV less than 55% 6 — 68 47 4 89 214 LTV 55% to 65% — 107 33 18 52 19 229 LTV greater than 65% 5 7 — — 15 — 27 DSCR ≤1.2x LTV less than 55% — 37 — 22 — 21 80 LTV 55% to 65% — — — — 45 — 45 LTV greater than 65% — — — — 22 46 68 Total $ 11 $ 226 $ 101 $ 132 $ 165 $ 417 $ 1,052 (1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index. As of June 30, 2026, accrued interest receivable on mortgage loans totaled $5 million and is excluded from the amortized cost basis disclosed in the table above and the estimate of expected credit losses. Investment Commitments As part of its overall investment strategy, the Company invests in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications, and obligations related to private placement securities. As of June 30, 2026, the Company had commitments to purchase or fund approximately $1,900 million and sell approximately $40 million under the terms of these investments. 16 Table of Contents Note D. Fair Value Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable. Level 1 - Quoted prices for identical instruments in active markets. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are not observable. Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, the Company seeks to price securities using third-party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs the Company believes market participants would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted by the Company. The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include i) the review of pricing service methodologies or broker pricing qualifications, ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria, and iv) deep dives, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities. 17 Table of Contents Assets and Liabilities Measured at Fair Value Assets measured at fair value on a recurring basis are presented in the following tables. Corporate bonds and other includes obligations of the United States of America (U.S.) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock. The Company had no liabilities measured at fair value as of June 30, 2026 or December 31, 2025. June 30, 2026 Total (In millions) Level 1 Level 2 Level 3 Assets Fixed maturity securities: Corporate bonds and other $ 243 $ 24,376 $ 1,594 $ 26,213 States, municipalities and political subdivisions — 8,791 44 8,835 Asset-backed — 7,891 943 8,834 Total fixed maturity securities 243 41,058 2,581 43,882 Equity securities: Common stock 239 — 10 249 Non-redeemable preferred stock 34 510 — 544 Total equity securities 273 510 10 793 Short-term and other 1,503 46 — 1,549 Total assets $ 2,019 $ 41,614 $ 2,591 $ 46,224 December 31, 2025 Total (In millions) Level 1 Level 2 Level 3 Assets Fixed maturity securities: Corporate bonds and other $ 238 $ 24,529 $ 1,483 $ 26,250 States, municipalities and political subdivisions — 8,386 45 8,431 Asset-backed — 7,723 998 8,721 Total fixed maturity securities 238 40,638 2,526 43,402 Equity securities: Common stock 224 — 13 237 Non-redeemable preferred stock 35 497 — 532 Total equity securities 259 497 13 769 Short-term and other 2,086 51 — 2,137 Total assets $ 2,583 $ 41,186 $ 2,539 $ 46,308 18 Table of Contents The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Level 3(In millions) Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total Balance as of April 1, 2026 $ 1,514 $ 44 $ 955 $ 12 $ 2,525 Total realized and unrealized investment gains (losses): Reported in Net investment gains (losses) — — (3) 1 (2) Reported in Net investment income — — 5 2 7 Reported in Other comprehensive income (loss) 2 — (5) — (3) Total realized and unrealized investment gains (losses) 2 — (3) 3 2 Purchases 101 — 42 — 143 Sales — — — (5) (5) Settlements (23) — (26) — (49) Transfers into Level 3 — — — — — Transfers out of Level 3 — — (25) — (25) Balance as of June 30, 2026 $ 1,594 $ 44 $ 943 $ 10 $ 2,591 Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2026 recognized in Net income (loss) in the period $ — $ — $ — $ — $ — Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2026 recognized in Other comprehensive income (loss) in the period 2 — (5) — (3) Level 3(In millions) Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total Balance as of April 1, 2025 $ 1,351 $ 44 $ 889 $ 17 $ 2,301 Total realized and unrealized investment gains (losses): Reported in Net investment gains (losses) 1 — (4) — (3) Reported in Net investment income — — 5 — 5 Reported in Other comprehensive income (loss) 16 — (4) — 12 Total realized and unrealized investment gains (losses) 17 — (3) — 14 Purchases 44 — 22 — 66 Sales — — — (7) (7) Settlements (24) — (22) — (46) Transfers into Level 3 — — — — — Transfers out of Level 3 — — — — — Balance as of June 30, 2025 $ 1,388 $ 44 $ 886 $ 10 $ 2,328 Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2025 recognized in Net income (loss) in the period $ — $ — $ — $ (1) $ (1) Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2025 recognized in Other comprehensive income (loss) in the period 16 — (4) — 12 19 Table of Contents Level 3(In millions) Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total Balance as of January 1, 2026 $ 1,483 $ 45 $ 998 $ 13 $ 2,539 Total realized and unrealized investment gains (losses): Reported in Net investment gains (losses) (3) — (6) 1 (8) Reported in Net investment income — — 10 1 11 Reported in Other comprehensive income (loss) (22) (1) (21) — (44) Total realized and unrealized investment gains (losses) (25) (1) (17) 2 (41) Purchases 164 — 82 — 246 Sales — — — (5) (5) Settlements (28) — (46) — (74) Transfers into Level 3 — — — — — Transfers out of Level 3 — — (74) — (74) Balance as of June 30, 2026 $ 1,594 $ 44 $ 943 $ 10 $ 2,591 Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2026 recognized in Net income (loss) in the period $ — $ — $ — $ (1) $ (1) Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2026 recognized in Other comprehensive income (loss) in the period (22) (1) (21) — (44) Level 3(In millions) Corporate bonds and other States, municipalities and political subdivisions Asset-backed Equity securities Total Balance as of January 1, 2025 $ 1,278 $ 42 $ 876 $ 20 $ 2,216 Total realized and unrealized investment gains (losses): Reported in Net investment gains (losses) 1 — (4) 2 (1) Reported in Net investment income — — 9 (1) 8 Reported in Other comprehensive income (loss) 37 2 (3) — 36 Total realized and unrealized investment gains (losses) 38 2 2 1 43 Purchases 99 — 49 — 148 Sales — — — (7) (7) Settlements (42) — (41) (4) (87) Transfers into Level 3 15 — — — 15 Transfers out of Level 3 — — — — — Balance as of June 30, 2025 $ 1,388 $ 44 $ 886 $ 10 $ 2,328 Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2025 recognized in Net income (loss) in the period $ — $ — $ — $ (1) $ (1) Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2025 recognized in Other comprehensive income (loss) in the period 37 2 (3) — 36 Securities may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security. The availability of observable market information and quoted prices varies based on market conditions and trading volume. 20 Table of Contents Valuation Methodologies and Inputs The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified. Fixed Maturity Securities Level 1 securities include highly liquid government securities and exchange traded bonds, valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology, or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are primarily assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with some inputs that are not market observable. Equity Securities Level 1 equity securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with some inputs that are not market observable. Short-Term and Other Invested Assets Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds and treasury bills. Level 2 primarily includes non-U.S. government securities for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short-term investments as presented in the tables above differ from the amounts presented on the Condensed Consolidated Balance Sheets because certain short-term investments, such as time deposits, are not measured at fair value. As of June 30, 2026 and December 31, 2025, there were $99 million of overseas deposits within Other invested assets, which, subject to regulatory minimum balance requirements, can be redeemed at net asset value in 90 days or less. Overseas deposits are excluded from the fair value hierarchy because their fair value is recorded using the net asset value per share (or equivalent) practical expedient. 21 Table of Contents Significant Unobservable Inputs The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average rate is calculated based on fair value. June 30, 2026 Estimated Fair Value (In millions) Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Fixed maturity securities $ 2,068 Discounted cash flow Credit spread 1% - 11% (2%) December 31, 2025 Estimated Fair Value (In millions) Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Fixed maturity securities $ 1,927 Discounted cash flow Credit spread 1% - 11% (2%) For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement. Financial Assets and Liabilities Not Measured at Fair Value The carrying amount and estimated fair value of the Company's financial assets and liabilities which are not measured at fair value on the Condensed Consolidated Balance Sheets are presented in the following tables. June 30, 2026 Carrying Amount Estimated Fair Value (In millions) Level 1 Level 2 Level 3 Total Assets Mortgage loans $ 1,037 $ — $ — $ 1,020 $ 1,020 Liabilities Long-term debt $ 2,973 $ — $ 2,926 $ — $ 2,926 December 31, 2025 Carrying Amount Estimated Fair Value (In millions) Level 1 Level 2 Level 3 Total Assets Mortgage loans $ 1,079 $ — $ — $ 1,072 $ 1,072 Liabilities Long-term debt $ 2,971 $ — $ 2,967 $ — $ 2,967 The carrying amounts reported on the Condensed Consolidated Balance Sheets for Cash, Short-term investments not carried at fair value, Accrued investment income and certain Other assets and Other liabilities approximate fair value due to the short-term nature of these items. These assets and liabilities are not listed in the tables above. 22 Table of Contents Note E. Claim and Claim Adjustment Expense Reserves Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (IBNR) claims as of the reporting date. The Company's reserve projections are based primarily on detailed analysis of the facts in each case, the Company's experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves. Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers' compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for the Company's structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, the Company's actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the Company's ultimate cost for insurance losses will not exceed current estimates. Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in our results of operations and/or equity. Catastrophe-related reinstatement premiums represent additional consideration paid under certain reinsurance agreements to reinstate coverage limits that have been exhausted as a result of losses. The Company reported catastrophe losses, net of reinsurance, of $60 million and $148 million for the three and six months ended June 30, 2026 and $62 million and $159 million for the three and six months ended June 30, 2025 driven by severe weather related events. The Company also reported catastrophe-related reinsurance reinstatement premiums of $9 million for the six months ended June 30, 2026. There were no catastrophe-related reinsurance reinstatement premiums for the three months ended June 30, 2026 or the three and six months ended June 30, 2025. 23 Table of Contents Liability for Unpaid Claim and Claim Adjustment Expenses The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves. For the six months ended June 30 (In millions) 2026 2025 Reserves, beginning of year: Gross $ 26,599 $ 24,976 Ceded 5,982 5,713 Net reserves, beginning of year 20,617 19,263 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 3,534 3,309 Increase (decrease) in provision for insured events of prior years 192 189 Amortization of discount 19 20 Total net incurred (1) 3,745 3,518 Net payments attributable to: Current year events (345) (316) Prior year events (2,499) (2,391) Total net payments (2,844) (2,707) Foreign currency translation adjustment and other (70) 199 Net reserves, end of period 21,448 20,273 Ceded reserves, end of period 6,042 5,930 Gross reserves, end of period $ 27,490 $ 26,203 (1) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Condensed Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits and policyholders' dividends, which are not reflected in the table above. Net Prior Year Development Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development (development). These changes can be favorable or unfavorable. The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments. Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Pretax (favorable) unfavorable development: Specialty $ (1) $ — $ 44 $ 10 Commercial (5) (4) 50 47 International — — — — Corporate & Other 97 112 97 134 Total pretax (favorable) unfavorable development $ 91 $ 108 $ 191 $ 191 Following the second quarter annual review of Corporate & Other reserves, including legacy mass tort exposures, unfavorable development of $97 million and $112 million was recorded within the Corporate & Other segment for the three months ended June 30, 2026 and 2025, largely associated with legacy mass tort abuse claim activity and the ongoing effects of social inflation. Unfavorable development for the three months ended June 30, 2025 also included an agreement with the Diocese of Rochester. Unfavorable development of $97 million and $134 million was recorded for the six months ended June 30, 2026 and 2025, driven by the respective second quarter changes. 24 Table of Contents Specialty The following table presents further detail of the development recorded for the Specialty segment. Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Pretax (favorable) unfavorable development: Medical Professional Liability $ — $ — $ — $ — Other Professional Liability and Management Liability 25 18 70 18 Surety (26) (22) (26) (22) Warranty — — — 10 Other — 4 — 4 Total pretax (favorable) unfavorable development $ (1) $ — $ 44 $ 10 Three Months 2026 Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency across multiple accident years. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years. 2025 Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional errors and omissions (E&O) business. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years. Six Months 2026 Unfavorable development in other professional and management liability was primarily due to higher than expected claim severity and frequency across multiple accident years. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years. 2025 Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional E&O business. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years. Unfavorable development in warranty was primarily due to higher than expected frequency and severity in the most recent accident year for auto warranty. 25 Table of Contents Commercial The following table presents further detail of the development recorded for the Commercial segment. Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Pretax (favorable) unfavorable development: Commercial Auto $ — $ — $ — $ 50 General Liability 56 62 111 62 Workers' Compensation (32) (66) (32) (65) Property and Other (29) — (29) — Total pretax (favorable) unfavorable development $ (5) $ (4) $ 50 $ 47 Three Months 2026 Unfavorable development in general liability was due to higher than expected claim severity and frequency in multiple accident years. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Favorable development in property and other was due to favorable emergence in multiple accident years. 2025 Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Six Months 2026 Unfavorable development in general liability was due to higher than expected claim severity and frequency in multiple accident years. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Favorable development in property and other was due to favorable emergence in multiple accident years. 2025 Unfavorable development in commercial auto was due to higher than expected claim severity largely in the Company’s construction business in the most recent accident year. Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. 26 Table of Contents International The following table presents further detail of the development recorded for the International segment. Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Pretax (favorable) unfavorable development: Commercial $ (15) $ (3) $ (15) $ (3) Specialty 15 4 15 4 Other — (1) — (1) Total pretax (favorable) unfavorable development $ — $ — $ — $ — Three and Six Months 2026 Favorable development in commercial was due to better than expected loss experience in the Company's energy, middle market and marine businesses. Unfavorable development in Specialty was due to higher than expected loss experience in the Company's medical treatment business. 27 Table of Contents Asbestos & Environmental Pollution (A&EP) Reserves In 2010, Continental Casualty Company (CCC) together with several of the Company’s insurance subsidiaries completed a transaction with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., under which substantially all of the Company’s legacy A&EP liabilities were ceded to NICO through a Loss Portfolio Transfer (LPT). At the effective date of the transaction, the Company ceded approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves to NICO under a retroactive reinsurance agreement with an aggregate limit of $4 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third-party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third-party reinsurance related to these liabilities. The Company paid NICO a reinsurance premium of $2 billion and transferred to NICO billed third-party reinsurance receivables related to A&EP claims with a net book value of $215 million, resulting in total consideration of $2.2 billion. In years subsequent to the effective date of the LPT, the Company recognized adverse prior year development on its A&EP reserves resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which the Company recognizes a change in the estimate of A&EP reserves that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders' benefits in the Condensed Consolidated Statements of Operations. The impact of the LPT on the Condensed Consolidated Statements of Operations was the recognition of a retroactive reinsurance benefit of $24 million and $8 million for the three months ended June 30, 2026 and 2025 and $46 million and $25 million for the six months ended June 30, 2026 and 2025. As of June 30, 2026 and December 31, 2025, the cumulative amounts ceded under the LPT were $3.9 billion. The unrecognized deferred retroactive reinsurance benefit was $424 million and $470 million as of June 30, 2026 and December 31, 2025 and is included within Other liabilities on the Condensed Consolidated Balance Sheets. NICO established a collateral trust account as security for its obligations to the Company. The fair value of the collateral trust account was $1.8 billion as of June 30, 2026. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to the majority of the Company’s A&EP claims. Credit Risk for Ceded Reserves The majority of the Company’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements. 28 Table of Contents Note F. Future Policy Benefits Reserves Future policy benefits reserves are associated with the Company's run-off long-term care business, which is included in the Life & Group segment, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the liability for future policyholder benefits (LFPB) which is reflected as Insurance reserves: Future policy benefits on the Condensed Consolidated Balance Sheets. The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, the Company’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to the Company’s expectations. See Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2025 for further information on the long-term care reserving process. 29 Table of Contents The following table summarizes balances and changes in the LFPB. (In millions) 2026 2025 Present value of future net premiums Balance, January 1 $ 3,363 $ 3,425 Effect of changes in discount rate (71) (7) Balance, January 1, at original locked in discount rate 3,292 3,418 Effect of changes in cash flow assumptions (1) — — Effect of actual variances from expected experience (1) (8) (1) Adjusted balance, January 1 3,284 3,417 Interest accrual 84 88 Net premiums: earned during period (199) (203) Balance, end of period at original locked in discount rate 3,169 3,302 Effect of changes in discount rate 14 50 Balance, June 30 $ 3,183 $ 3,352 Present value of future benefits & expenses Balance, January 1 $ 16,811 $ 16,583 Effect of changes in discount rate 173 440 Balance, January 1, at original locked in discount rate 16,984 17,023 Effect of changes in cash flow assumptions (1) — — Effect of actual variances from expected experience (1) 36 22 Adjusted balance, January 1 17,020 17,045 Interest accrual 454 458 Benefit & expense payments (573) (574) Balance, end of period at original locked in discount rate 16,901 16,929 Effect of changes in discount rate (456) (248) Balance, June 30 $ 16,445 $ 16,681 Net LFPB $ 13,262 $ 13,329 (1) As of June 30, 2026 and 2025 the re-measurement gain (loss) of $(44) million and $(23) million presented parenthetically on the Condensed Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience. 30 Table of Contents The following table presents earned premiums and interest accretion associated with the Company’s long-term care business recognized on the Condensed Consolidated Statement of Operations. Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Earned premiums $ 103 $ 106 $ 206 $ 212 Interest accretion 185 185 370 370 The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums. As of June 30 (In millions) 2026 2025 Expected future benefit and expense payments $ 30,814 $ 31,141 Expected future gross premiums 4,713 4,971 Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3,307 million and $3,491 million as of June 30, 2026 and 2025. The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of June 30, 2026 and 2025. The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows. As of June 30 As of December 31 2026 2025 2025 Original locked in discount rate 5.14 % 5.18 % 5.16 % Upper-medium grade fixed income instrument discount rate 5.48 5.39 5.32 For the three and six months ended June 30, 2026, immediate charges to net income resulting from adverse development in certain cohorts where the Net Premium Ratio (NPR) exceeded 100% were $26 million and $49 million. For the three and six months ended June 30, 2025, immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $14 million and $28 million. For the three and six months ended June 30, 2026, favorable reversals through net income of loss recognized in prior periods for cohorts with NPR's exceeding 100% were $5 million and $13 million. For the three and six months ended June 30, 2025, favorable reversals through net income of loss recognized in prior periods for cohorts with NPR's exceeding 100% were $5 million and $11 million. 31 Table of Contents Note G. Legal Proceedings, Contingencies and Guarantees The Company is a party to various claims and litigation incidental to its business, which, based on the facts and circumstances currently known, are not material to the Company's results of operations or financial position. Guarantees The Company has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of June 30, 2026, the potential amount of future payments the Company could be required to pay under these guarantees was approximately $1.9 billion, which will be paid over the lifetime of the annuitants. The Company does not believe any payment is likely under these guarantees, as the Company is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities. 32 Table of Contents Note H. Benefit Plans The components of net periodic pension cost (benefit) are presented in the following table. Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Net periodic pension cost (benefit) Interest cost on projected benefit obligation $ 9 $ 9 $ 17 $ 18 Expected return on plan assets (14) (13) (28) (27) Amortization of net actuarial loss (gain) 1 2 3 4 Total net periodic pension cost (benefit) $ (4) $ (2) $ (8) $ (5) The following table indicates the line items in which the non-service cost (benefit) is presented in the Condensed Consolidated Statements of Operations. Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Non-service cost (benefit): Insurance claims and policyholders' benefits $ (1) $ — $ (2) $ (1) Other operating expenses (3) (2) (6) (4) Total net periodic pension cost (benefit) $ (4) $ (2) $ (8) $ (5) CNA sponsors a noncontributory defined benefit pension plan, the CNA Retirement Plan (the Plan), covering certain eligible employees. The plan has been closed to new entrants since 2000. In the first quarter of 2026, a subsidiary of CNAF, as sponsor of the Plan, approved the decision to pursue termination of the Plan, effective June 30, 2026. The Plan will continue to be reflected in CNA's consolidated financial statements until the termination process, including the settlement or transfer of remaining benefit obligations, has been completed, which the Company currently anticipates will be in 2028. 33 Table of Contents Note I. Stockholders' Equity Common Stock Repurchases The Company repurchased 755,000 and 700,000 shares of CNAF common stock at an aggregate cost of $36 million and $34 million during the six months ended June 30, 2026 and 2025. Stock-Based Compensation The Company issued 681,938 and 483,357 shares of CNAF common stock to settle employee stock-based compensation awards under the CNAF Incentive Compensation Plan during the six months ended June 30, 2026 and 2025. Accumulated Other Comprehensive Income (Loss) The tables below display the changes in Accumulated other comprehensive income (loss) by component. (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts Cumulative foreign currency translation adjustment Total Balance as of April 1, 2026 $ (22) $ (1,413) $ (165) $ 406 $ (155) $ (1,349) Other comprehensive income (loss) before reclassifications (3) 186 (2) (34) (22) 125 Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $1, $1, $1, $—, $—, and $3 (2) (4) (2) — — (8) Other comprehensive income (loss) net of tax (expense) benefit of $—, $(51), $—, $9, $—, and $(42) (1) 190 — (34) (22) 133 Balance as of June 30, 2026 $ (23) $ (1,223) $ (165) $ 372 $ (177) $ (1,216) (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts Cumulative foreign currency translation adjustment Total Balance as of April 1, 2025 $ (16) $ (1,593) $ (189) $ 239 $ (226) $ (1,785) Other comprehensive income (loss) before reclassifications (5) 42 — (3) 128 162 Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $10, $1, $—, $—, and $13 (6) (30) (1) — — (37) Other comprehensive income (loss) net of tax (expense) benefit of $—, $(22), $(1), $—, $—, and $(23) 1 72 1 (3) 128 199 Balance as of June 30, 2025 $ (15) $ (1,521) $ (188) $ 236 $ (98) $ (1,586) 34 Table of Contents (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts Cumulative foreign currency translation adjustment Total Balance as of January 1, 2026 $ (15) $ (988) $ (166) $ 192 $ (121) $ (1,098) Other comprehensive income (loss) before reclassifications (15) (245) (2) 180 (56) (138) Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $3, $1, $—, $— and $6 (7) (10) (3) — — (20) Other comprehensive income (loss) net of tax (expense) benefit of $2, $64, $—, $(48), $— and $18 (8) (235) 1 180 (56) (118) Balance as of June 30, 2026 $ (23) $ (1,223) $ (165) $ 372 $ (177) $ (1,216) (In millions) Net unrealized gains (losses) on investments with an allowance for credit losses Net unrealized gains (losses) on other investments Pension and postretirement benefits Cumulative impact of changes in discount rates used to measure long duration contracts Cumulative foreign currency translation adjustment Total Balance as of January 1, 2025 $ (13) $ (1,876) $ (191) $ 353 $ (264) $ (1,991) Other comprehensive income (loss) before reclassifications (10) 319 — (117) 166 358 Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $11, $1, $—, $—, and $14 (8) (36) (3) — — (47) Other comprehensive income (loss) net of tax (expense) benefit of $1, $(96), $(1), $31, $—, $(65) (2) 355 3 (117) 166 405 Balance as of June 30, 2025 $ (15) $ (1,521) $ (188) $ 236 $ (98) $ (1,586) Amounts reclassified from Accumulated other comprehensive income (loss) shown above are reported in Net income (loss) as follows: Component of AOCI Condensed Consolidated Statements of Operations Line Item Affected by Reclassifications Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments Net investment gains (losses) Pension and postretirement benefits Other operating expenses and Insurance claims and policyholders' benefits 35 Table of Contents Note J. Business Segments The Company's property and casualty commercial insurance operations are managed and reported in three business segments: Specialty, Commercial and International. These three segments are collectively referred to as Property & Casualty Operations. The Company's operations outside of Property & Casualty Operations are managed and reported in two segments: Life & Group and Corporate & Other. The accounting policies of the segments are the same as those described in Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2025. The Company manages most of its assets on a legal entity basis, while segment operations are generally conducted across legal entities. As such, only Insurance and Reinsurance receivables, Insurance reserves, Deferred acquisition costs, Goodwill and Deferred non-insurance warranty acquisition expense and revenue are readily identifiable for individual segments. Distinct investment portfolios are not maintained for every individual segment; accordingly, allocation of assets to each segment is not performed. Therefore, a significant portion of Net investment income is allocated primarily based on each segment's net carried insurance reserves, as adjusted. All significant intersegment income and expense have been eliminated. Income taxes have been allocated on the basis of the taxable income of the segments. In the following tables, certain financial measures are presented to provide information used by management to monitor the Company's operating performance. Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio. The performance of the Company's insurance operations is monitored by management through core income (loss). The Company's Chief Operating Decision Maker (CODM) is the Chief Executive Officer. For all segments, the CODM uses a multi-year trend of core income (loss) to assess the segments' operating performance and make decisions regarding the allocation of resources to each segment. Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of the Company's primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding the Company's defined benefit pension plans which are unrelated to the Company's primary operations. The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk. 36 Table of Contents The Company's results of operations and selected balance sheet items by segment are presented in the following tables. Three months ended June 30, 2026 Specialty Commercial International Life & Group Corporate & Other (In millions) Eliminations Total Operating revenues Net earned premiums $ 878 $ 1,441 $ 337 $ 103 $ — $ — $ 2,759 Net investment income 171 246 44 230 10 — 701 Non-insurance warranty revenue 367 — — — — — 367 Other revenues — 8 — (1) 3 (3) 7 Total operating revenues 1,416 1,695 381 332 13 (3) 3,834 Claims, benefits and expenses Net incurred claims and benefits 551 1,003 209 320 77 — 2,160 Policyholders’ dividends 3 6 — — — — 9 Amortization of deferred acquisition costs 201 207 73 — — — 481 Non-insurance warranty expense 356 — — — — — 356 Insurance related administrative expenses 91 175 45 31 1 — 343 Interest expense — — — — 33 — 33 Other segment items (1) 15 11 — (1) 20 (3) 42 Total claims, benefits and expenses 1,217 1,402 327 350 131 (3) 3,424 Income tax (expense) benefit on core income (loss) (42) (61) (17) 8 26 — (86) Core income (loss) $ 157 $ 232 $ 37 $ (10) $ (92) $ — $ 324 Net investment gains (losses) (5) Income tax (expense) benefit on net investment gains (losses) 2 Net investment gains (losses), after tax (3) Net income (loss) $ 321 (1) Other segment items for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations. 37 Table of Contents Three months ended June 30, 2025 Specialty Commercial International Life & Group Corporate & Other (In millions) Eliminations Total Operating revenues Net earned premiums $ 862 $ 1,402 $ 324 $ 106 $ — $ — $ 2,694 Net investment income 170 206 38 235 13 — 662 Non-insurance warranty revenue 398 — — — — — 398 Other revenues (1) 10 — — 3 (3) 9 Total operating revenues 1,429 1,618 362 341 16 (3) 3,763 Claims, benefits and expenses Net incurred claims and benefits 519 940 195 313 108 — 2,075 Policyholders’ dividends 3 7 — — — — 10 Amortization of deferred acquisition costs 195 211 63 — — — 469 Non-insurance warranty expense 384 — — — — — 384 Insurance related administrative expenses 92 170 43 31 1 — 337 Interest expense — — — — 31 — 31 Other segment items (1) 10 15 (10) 1 18 (3) 31 Total claims, benefits and expenses 1,203 1,343 291 345 158 (3) 3,337 Income tax (expense) benefit on core income (loss) (49) (57) (18) 5 28 — (91) Core income (loss) $ 177 $ 218 $ 53 $ 1 $ (114) $ — $ 335 Net investment gains (losses) (46) Income tax (expense) benefit on net investment gains (losses) 10 Net investment gains (losses), after tax (36) Net income (loss) $ 299 (1) Other segment items for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations. 38 Table of Contents Six months ended June 30, 2026 Specialty Commercial International Life & Group Corporate & Other (In millions) Eliminations Total Operating revenues Net earned premiums $ 1,730 $ 2,853 $ 671 $ 206 $ — $ — $ 5,460 Net investment income 313 436 87 454 21 — 1,311 Non-insurance warranty revenue 741 — — — — — 741 Other revenues 1 17 — (1) 6 (6) 17 Total operating revenues 2,785 3,306 758 659 27 (6) 7,529 Claims, benefits and expenses Net incurred claims and benefits 1,137 2,079 413 634 60 — 4,323 Policyholders’ dividends 7 14 — — — — 21 Amortization of deferred acquisition costs 398 413 146 — — — 957 Non-insurance warranty expense 712 — — — — — 712 Insurance related administrative expenses 180 346 88 60 1 — 675 Interest expense — — — — 66 — 66 Other segment items (1) 27 22 2 — 35 (6) 80 Total claims, benefits and expenses 2,461 2,874 649 694 162 (6) 6,834 Income tax (expense) benefit on core income (loss) (68) (88) (35) 16 29 — (146) Core income (loss) $ 256 $ 344 $ 74 $ (19) $ (106) $ — $ 549 Net investment gains (losses) (23) Income tax (expense) benefit on net investment gains (losses) 6 Net investment gains (losses), after tax (17) Net income (loss) $ 532 (1) Other segment items for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations. 39 Table of Contents June 30, 2026 Specialty Commercial International Life & Group Corporate & Other (In millions) Eliminations Total Reinsurance receivables $ 1,723 $ 1,933 $ 623 $ 54 $ 2,191 $ — $ 6,524 Insurance receivables 926 2,799 498 1 — — 4,224 Deferred acquisition costs 462 412 152 — — — 1,026 Goodwill 117 — 30 — — — 147 Deferred non-insurance warranty acquisition expense 2,981 — — — — — 2,981 Insurance reserves Claim and claim adjustment expenses 8,013 12,892 3,496 575 2,514 — 27,490 Unearned premiums 3,314 3,764 860 97 — — 8,035 Future policy benefits — — — 13,262 — — 13,262 Deferred non-insurance warranty revenue 3,798 — — — — — 3,798 40 Table of Contents Six months ended June 30, 2025 Specialty Commercial International Life & Group Corporate & Other (In millions) Eliminations Total Operating revenues Net earned premiums $ 1,692 $ 2,782 $ 634 $ 212 $ — $ — $ 5,320 Net investment income 321 383 72 461 29 — 1,266 Non-insurance warranty revenue 795 — — — — — 795 Other revenues — 18 — — 6 (6) 18 Total operating revenues 2,808 3,183 706 673 35 (6) 7,399 Claims, benefits and expenses Net incurred claims and benefits 1,028 1,947 387 613 117 — 4,092 Policyholders’ dividends 5 15 — — — — 20 Amortization of deferred acquisition costs 384 430 126 — — — 940 Non-insurance warranty expense 769 — — — — — 769 Insurance related administrative expenses 180 333 83 61 1 — 658 Interest expense — — — — 63 — 63 Other segment items (1) 25 25 (11) 1 39 (6) 73 Total claims, benefits and expenses 2,391 2,750 585 675 220 (6) 6,615 Income tax (expense) benefit on core income (loss) (90) (91) (31) 9 35 — (168) Core income (loss) $ 327 $ 342 $ 90 $ 7 $ (150) $ — $ 616 Net investment gains (losses) (55) Income tax (expense) benefit on net investment gains (losses) 12 Net investment gains (losses), after tax (43) Net income (loss) $ 573 (1) Other segment items for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations. 41 Table of Contents December 31, 2025 Specialty Commercial International Life & Group Corporate & Other (In millions) Eliminations Total Reinsurance receivables $ 1,716 $ 1,762 $ 577 $ 56 $ 2,297 $ — $ 6,408 Insurance receivables 1,008 2,315 438 2 1 — 3,764 Deferred acquisition costs 447 391 148 — — — 986 Goodwill 117 — 31 — — — 148 Deferred non-insurance warranty acquisition expense 3,220 — — — — — 3,220 Insurance reserves Claim and claim adjustment expenses 7,784 12,249 3,376 591 2,599 — 26,599 Unearned premiums 3,317 3,411 819 88 — — 7,635 Future policy benefits — — — 13,448 — — 13,448 Deferred non-insurance warranty revenue 4,138 — — — — — 4,138 42 Table of Contents The following table presents further detail of significant segment expenses included within Net incurred claims and benefits for the Property & Casualty segments. Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Specialty Non-catastrophe net incurred claim and claim adjustment expenses related to current year $ 551 $ 519 $ 1,087 $ 1,018 Catastrophe losses — — — — (Favorable) unfavorable development (1) (1) — 44 10 Commercial Non-catastrophe net incurred claim and claim adjustment expenses related to current year $ 953 $ 886 $ 1,889 $ 1,754 Catastrophe losses 53 57 137 143 (Favorable) unfavorable development (1) (5) (4) 50 47 International Non-catastrophe net incurred claim and claim adjustment expenses related to current year $ 202 $ 190 $ 402 $ 371 Catastrophe losses 7 5 11 16 (Favorable) unfavorable development (1) — — — — (1) (Favorable) unfavorable development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance. The following table presents operating revenues by line of business for each reportable segment. Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Specialty Management & Professional Liability $ 802 $ 778 $ 1,563 $ 1,524 Surety 208 205 399 393 Warranty & Alternative Risks 406 446 823 891 Specialty revenues 1,416 1,429 2,785 2,808 Commercial Middle Market (1) 509 468 988 921 Construction (1) 512 514 1,013 1,020 Small Business 157 161 308 317 Other Commercial (1) 517 475 997 925 Commercial revenues 1,695 1,618 3,306 3,183 International Canada 114 104 221 198 Europe 166 156 335 300 Hardy 101 102 202 208 International revenues 381 362 758 706 Life & Group revenues 332 341 659 673 Corporate & Other revenues 13 16 27 35 Eliminations (3) (3) (6) (6) Total operating revenues 3,834 3,763 7,529 7,399 Net investment gains (losses) (5) (46) (23) (55) Total revenues $ 3,829 $ 3,717 $ 7,506 $ 7,344 (1) Effective March 31, 2026, certain Commercial lines of businesses were realigned to reflect changes in management's responsibility for those businesses. Prior period information has been conformed to the new line of business presentation. 43 Table of Contents Note K. Non-Insurance Revenues from Contracts with Customers The Company had deferred non-insurance warranty revenue balances of $3.8 billion and $4.1 billion reported under Liabilities as of June 30, 2026 and December 31, 2025. For the three and six months ended June 30, 2026, the Company recognized $0.2 billion and $0.6 billion of revenues that were included in the deferred revenue balance as of January 1, 2026. For the three and six months ended June 30, 2025, the Company recognized $0.3 billion and $0.6 billion of revenues that were included in the deferred revenue balance as of January 1, 2025. For the three and six months ended June 30, 2026 and 2025, non-insurance warranty revenue recognized from performance obligations related to prior periods due to a change in estimate was not material. The Company expects to recognize approximately $0.7 billion of the deferred revenue in the remainder of 2026, $1.0 billion in 2027, $0.8 billion in 2028 and $1.3 billion thereafter. 44 Table of Contents