CNA Financial is a commercial property and casualty (P&C) insurance company, roughly 92% owned by Loews. CNA sells commercial insurance — covering businesses against property damage, liability, workers' compensation, surety, and other risks — almost entirely through intermediaries such as independent agents, brokers, and managing general underwriters. CNA operates three core P&C segments: Commercial (general liability, commercial auto, workers' comp, and property for mid-to-large businesses), Specialty (professional and management liability, financial institutions, surety, and healthcare), and International (Canada, UK, Europe, and Lloyd's of London). CNA earns money two ways: underwriting income, when premiums exceed claims and expenses, and investment income from a large fixed income portfolio funded by insurance float. CNA has consistently produced underlying combined ratios in the low 90s, implying roughly 8–9 cents of underwriting profit per dollar of premium. Investment income is growing as the portfolio turns over into higher-yielding securities. Beyond its core P&C business, CNA carries two legacy liability blocks — a closed long-term care (LTC) run-off book and asbestos & environmental (A&E) reserves capped by a loss portfolio transfer — both of which are an ongoing drag on reported results. CNA returns capital through regular quarterly dividends and periodic special dividends, and does not engage in meaningful share buybacks given Loews' dominant ownership.