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Schedule II. Condensed Financial Information of Registrant (Parent Company)
 12 Months Ended
Dec. 31, 2021
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
Years ended December 31
(In millions)202120202019
Revenues
Net investment income$— $3 $13 
Net investment losses— (20)(21)
Total revenues— (17)(8)
Expenses
Administrative and general1 1 1 
Interest112 122 131 
Total expenses113 123 132 
Loss from operations before income taxes and equity in net income of subsidiaries(113)(140)(140)
Income tax benefit11 18 21 
Loss before equity in net income of subsidiaries(102)(122)(119)
Equity in net income of subsidiaries1,304 812 1,119 
Net income1,202 690 1,000 
Equity in other comprehensive (loss) income of subsidiaries(483)752 929 
Total comprehensive income$719 $1,442 $1,929 
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)20212020
Assets
Investment in subsidiaries$14,937 $14,996 
Cash1 — 
Short term investments685 522 
Amounts due from affiliates3 4 
Other assets— 1 
Total assets$15,626 $15,523 
Liabilities
Long term debt$2,779 $2,776 
Other liabilities38 40 
Total liabilities2,817 2,816 
Stockholders' Equity
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 271,363,999 and 271,391,603 shares outstanding)
683 683 
Additional paid-in capital2,215 2,211 
Retained earnings9,663 9,081 
Accumulated other comprehensive income320 803 
Treasury stock (1,676,244 and 1,648,640 shares), at cost
(72)(71)
Total stockholders' equity12,809 12,707 
Total liabilities and stockholders' equity$15,626 $15,523 
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)202120202019
Cash Flows from Operating Activities
Net income$1,202 $690 $1,000 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Equity in net income of subsidiaries(1,304)(812)(1,119)
Dividends received from subsidiaries880 975 1,065 
Net investment income— 20 21 
Other, net33 26 13 
Net cash flows provided by operating activities811 899 980 
Cash Flows from Investing Activities
Change in short term investments(163)2 10 
Capital contributions to subsidiaries— (1)(2)
Other, net— — — 
Net cash flows (used) provided by investing activities(163)1 8 
Cash Flows from Financing Activities
Dividends paid to common stockholders(621)(950)(929)
Proceeds from the issuance of debt— 495 496 
Repayment of debt— (419)(520)
Purchase of treasury stock(18)(18)(23)
Other, net(8)(9)(12)
Net cash flows used by financing activities(647)(901)(988)
Net change in cash1 (1)— 
Cash, beginning of year— 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, 2021.