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Schedule II. Condensed Financial Information of Registrant (Parent Company)
 12 Months Ended
Dec. 31, 2022
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)202220212020
Revenues
Net investment income$8 $— $3 
Net investment losses— — (20)
Total revenues8 — (17)
Expenses
Administrative and general1 1 1 
Interest112 112 122 
Total expenses113 113 123 
Loss from operations before income taxes and equity in net income of subsidiaries(105)(113)(140)
Income tax benefit6 11 18 
Loss before equity in net income of subsidiaries(99)(102)(122)
Equity in net income of subsidiaries993 1,304 812 
Net income894 1,202 690 
Equity in other comprehensive (loss) income of subsidiaries(3,877)(483)752 
Total comprehensive (loss) income$(2,983)$719 $1,442 
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)20222021
Assets
Investment in subsidiaries$11,063 $14,937 
Cash2 1 
Short term investments578 685 
Amounts due from affiliates4 3 
Total assets$11,647 $15,626 
Liabilities
Short term debt$243 $— 
Long term debt2,538 2,779 
Other liabilities41 38 
Total liabilities2,822 2,817 
Stockholders' Equity
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,895,902 and 271,363,999 shares outstanding)
683 683 
Additional paid-in capital2,220 2,215 
Retained earnings9,572 9,663 
Accumulated other comprehensive (loss) income(3,557)320 
Treasury stock (2,144,341 and 1,676,244 shares), at cost
(93)(72)
Total stockholders' equity8,825 12,809 
Total liabilities and stockholders' equity$11,647 $15,626 
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)202220212020
Cash Flows from Operating Activities
Net income$894 $1,202 $690 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Equity in net income of subsidiaries(993)(1,304)(812)
Dividends received from subsidiaries990 880 975 
Net investment losses— — 20 
Other, net28 33 26 
Net cash flows provided by operating activities919 811 899 
Cash Flows from Investing Activities
Change in short term investments114 (163)2 
Capital contributions to subsidiaries— — (1)
Other, net— — — 
Net cash flows provided (used) by investing activities114 (163)1 
Cash Flows from Financing Activities
Dividends paid to common stockholders(982)(621)(950)
Proceeds from the issuance of debt— — 495 
Repayment of debt— — (419)
Purchase of treasury stock(39)(18)(18)
Other, net(11)(8)(9)
Net cash flows used by financing activities(1,032)(647)(901)
Net change in cash1 1 (1)
Cash, beginning of year1 — 1 
Cash, end of year$2 $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 90% of the outstanding common stock of CNAF as of December 31, 2022.