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Schedule II. Condensed Financial Information of Registrant (Parent Company)
 12 Months Ended
Dec. 31, 2023
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)2023
2022 (1)
2021 (1)
Revenues
Net investment income$41 $8 $— 
Total revenues41 8 — 
Expenses
Administrative and general2 1 1 
Interest126 112 112 
Total expenses128 113 113 
Loss from operations before income taxes and equity in net income of subsidiaries(87)(105)(113)
Income tax benefit4 6 11 
Loss before equity in net income of subsidiaries(83)(99)(102)
Equity in net income of subsidiaries1,288 781 1,286 
Net income1,205 682 1,184 
Equity in other comprehensive income (loss) of subsidiaries926 (2,238)177 
Total comprehensive income (loss)$2,131 $(1,556)$1,361 
(1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information.
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)2023
2022 (1)
Assets
Investment in subsidiaries$11,948 $10,786 
Cash1 2 
Short-term investments1,009 578 
Amounts due from affiliates4 4 
Other assets1 — 
Total assets$12,963 $11,370 
Liabilities
Short-term debt$550 $243 
Long-term debt2,481 2,538 
Other liabilities39 41 
Total liabilities3,070 2,822 
Stockholders' Equity
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,881,457 and 270,895,902 shares outstanding)
683 683 
Additional paid-in capital2,221 2,220 
Retained earnings9,755 9,336 
Accumulated other comprehensive loss(2,672)(3,598)
Treasury stock (2,158,786 and 2,144,341 shares), at cost
(94)(93)
Total stockholders' equity9,893 8,548 
Total liabilities and stockholders' equity$12,963 $11,370 
(1) As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information.
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)2023
2022 (1)
2021 (1)
Cash Flows from Operating Activities
Net income$1,205 $682 $1,184 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Equity in net income of subsidiaries(1,288)(781)(1,286)
Dividends received from subsidiaries1,055 990 880 
Other, net2 28 33 
Net cash flows provided by operating activities974 919 811 
Cash Flows from Investing Activities
Change in short-term investments(395)114 (163)
Capital contributions to subsidiaries(3)— — 
Net cash flows (used) provided by investing activities(398)114 (163)
Cash Flows from Financing Activities
Dividends paid to common stockholders(787)(982)(621)
Proceeds from the issuance of debt491 — — 
Repayment of debt(243)— — 
Purchase of treasury stock(24)(39)(18)
Other, net(14)(11)(8)
Net cash flows used by financing activities(577)(1,032)(647)
Net change in cash(1)1 1 
Cash, beginning of year2 1 — 
Cash, end of year$1 $2 $1 
(1)    As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance. See Note A to the Consolidated Financial Statements for additional information.

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 92% of the outstanding common stock of CNAF as of December 31, 2023.