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Schedule II. Condensed Financial Information of Registrant (Parent Company)
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule II. Condensed Financial Information of Registrant (Parent Company)
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY)
CNA Financial Corporation
Statements of Operations and Comprehensive Income (Loss)
Years ended December 31
(In millions)202020192018
Revenues
Net investment income$3 $13 $10 
Net investment losses(20)(21)— 
Total revenues(17)(8)10 
Expenses
Administrative and general1 1 1 
Interest122 131 135 
Total expenses123 132 136 
Loss from operations before income taxes and equity in net income of subsidiaries(140)(140)(126)
Income tax benefit18 21 9 
Loss before equity in net income of subsidiaries(122)(119)(117)
Equity in net income of subsidiaries812 1,119 930 
Net income690 1,000 813 
Equity in other comprehensive income (loss) of subsidiaries752 929 (894)
Total comprehensive income (loss)$1,442 $1,929 $(81)
See accompanying Notes to Condensed Financial Information as well as the
Consolidated Financial Statements and accompanying Notes.
CNA Financial Corporation
Balance Sheets
December 31
(In millions, except share data)20202019
Assets
Investment in subsidiaries$14,996 $14,412 
Cash— 1 
Short term investments522 521 
Amounts due from affiliates4 2 
Other assets1 1 
Total assets$15,523 $14,937 
Liabilities
Long term debt$2,776 $2,679 
Other liabilities40 43 
Total liabilities2,816 2,722 
Stockholders' Equity
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 271,391,603 and 271,412,591 shares outstanding)
683 683 
Additional paid-in capital2,211 2,203 
Retained earnings9,081 9,348 
Accumulated other comprehensive income (loss)803 51 
Treasury stock (1,648,640 and 1,627,652 shares), at cost
(71)(70)
Total stockholders' equity12,707 12,215 
Total liabilities and stockholders' equity$15,523 $14,937 
See accompanying Notes to Condensed Financial Information as well as the
Consolidated Financial Statements and accompanying Notes.
CNA Financial Corporation
Statements of Cash Flows
Years ended December 31
(In millions)202020192018
Cash Flows from Operating Activities
Net income$690 $1,000 $813 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Equity in net income of subsidiaries(812)(1,119)(930)
Dividends received from subsidiaries975 1,065 1,026 
Net investment losses20 21 — 
Other, net26 13 16 
Net cash flows provided by operating activities899 980 925 
Cash Flows from Investing Activities
Change in short term investments2 10 130 
Capital contributions to subsidiaries(1)(2)(2)
Other, net— — — 
Net cash flows provided by investing activities1 8 128 
Cash Flows from Financing Activities
Dividends paid to common stockholders(950)(929)(896)
Proceeds from the issuance of debt495 496 — 
Repayment of debt(419)(520)(150)
Purchase of treasury stock(18)(23)— 
Other, net(9)(12)(7)
Net cash flows used by financing activities(901)(988)(1,053)
Net change in cash(1)— — 
Cash, beginning of year1 1 1 
Cash, end of year$— $1 $1 
See accompanying Notes to Condensed Financial Information as well as the
Consolidated Financial Statements and accompanying Notes.
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 89.6% of the outstanding common stock of CNAF as of December 31, 2020.