CNA FINANCIAL CORP, DEF 14A filed on 3/20/2026
Proxy Statement (definitive)
v3.26.1
Cover
 12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name CNA Financial Corporation
Entity Central Index Key 0000021175
v3.26.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Year
(a)
​ ​
Summary
Compensation
Table Total
for PEO
(b)
​ ​
Compensation
Actually Paid
to PEO
(c)
​ ​
Average
Summary
Compensation
Table Total
for Non-PEO
NEOs
(d)
​ ​
Average
Compensation
Actually
Paid to
Non-PEO
NEOs
(e)
​ ​
Value of Initial Fixed $100
Investment Based On:
​ ​
Net Income
(h)
​ ​
CI
(i)
​
​
Total
Shareholder
Return
(f)
​ ​
Peer Group
Total
Shareholder
Return
(g)
​
2025 ​ ​ ​ $ 12,619,149 ​ ​ ​ ​ $ 12,605,081 ​ ​ ​ ​ $ 5,485,554 ​ ​ ​ ​ $ 5,311,408 ​ ​ ​ ​ $ 175 ​ ​ ​ ​ $ 239 ​ ​ ​ ​ $ 1,278,000,000 ​ ​ ​ ​ $ 1,303,000,000 ​ ​
2024 ​ ​ ​ $ 16,076,493 ​ ​ ​ ​ $ 18,814,571 ​ ​ ​ ​ $ 5,182,003 ​ ​ ​ ​ $ 5,940,707 ​ ​ ​ ​ $ 164 ​ ​ ​ ​ $ 215 ​ ​ ​ ​ $ 959,000,000 ​ ​ ​ ​ $ 1,324,000,000 ​ ​
2023 ​ ​ ​ $ 16,084,212 ​ ​ ​ ​ $ 17,516,540 ​ ​ ​ ​ $ 4,912,166 ​ ​ ​ ​ $ 5,374,060 ​ ​ ​ ​ $ 132 ​ ​ ​ ​ $ 156 ​ ​ ​ ​ $ 1,205,000,000 ​ ​ ​ ​ $ 1,312,000,000 ​ ​
2022 ​ ​ ​ $ 15,068,389 ​ ​ ​ ​ $ 14,945,719 ​ ​ ​ ​ $ 4,081,690 ​ ​ ​ ​ $ 3,537,640 ​ ​ ​ ​ $ 124 ​ ​ ​ ​ $ 146 ​ ​ ​ ​ $ 682,000,000 ​ ​ ​ ​ $ 1,201,000,000 ​ ​
2021 ​ ​ ​ $ 14,246,207 ​ ​ ​ ​ $ 16,180,923 ​ ​ ​ ​ $ 3,571,966 ​ ​ ​ ​ $ 3,965,857 ​ ​ ​ ​ $ 119 ​ ​ ​ ​ $ 123 ​ ​ ​ ​ $ 1,184,000,000 ​ ​ ​ ​ $ 1,083,000,000 ​ ​
​
(a)
The Pay Versus Performance table includes five years of information.
​
(b)
Our Principal Executive Officer (PEO) for 2025 is Mr. Douglas M. Worman. For years reported 2021 — 2024 the PEO was Mr. Dino E. Robusto. The amounts reported are the amounts of total compensation reported in our Summary Compensation Table for PEO Mr. Douglas M. Worman.
​
(c)
The amounts reported are the amount of “compensation actually paid”, as computed in accordance with SEC rules. The amounts do not reflect the actual amount of compensation earned or realized by or paid to our PEO or non-PEO NEOs during the applicable year. In accordance with SEC rules, adjustments were made to Total Compensation reported in our Summary Compensation Table to determine the compensation actually paid. Adjustments made are included in the table below footnotes.
​
(d)(e)
Included in the average Summary Compensation Table total and average compensation actually paid to non-PEO NEOs for 2025 are Mr. Dino. E. Robusto, Mr. Scott R. Lindquist, Mr. Daniel P. Franzetti, Ms. Jane E. Possell and Ms. Susan A. Stone. For 2024 are Mr. Scott R. Lindquist, Mr. Douglas M. Worman, Mr. Daniel P. Franzetti, and Ms. Susan A. Stone. For 2023 are Mr. Scott R. Lindquist, Mr. Douglas M. Worman, Mr. Daniel P. Franzetti, and Ms. Susan A. Stone. For 2022 the non-PEO NEOs included are Mr. Larry A. Haefner, Mr. Scott R. Lindquist, Mr. Douglas M. Worman, Mr. Gerald S. Haase, Mr. Daniel P. Franzetti, and Mr. Kevin G. Smith. For 2021 the non-PEO NEOs included are Mr. Larry A. Haefner, Mr. Albert J. Miralles, Mr. Douglas M. Worman, Mr. Kevin J. Leidwinger, and Mr. Kevin G. Smith.
​
(f)
Cumulative Total Shareholder Return (TSR) is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end of each applicable fiscal year and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period (December 31, 2020). TSR for the Company is presented using the value of an initial $100 investment at beginning of December 31, 2020.
​
(g)
The peer group companies for TSR in the table above are the nine companies listed on page 25 of this proxy statement. The same peer group has been used for all years disclosed. Peer group TSR disclosure in the table is required to be market capitalization weighted.
​
(h)
As of January 1, 2023, the Company adopted Accounting Standards Update (ASU) 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts which uses the modified retrospective method applied as of the transition date of January 1, 2021. Accordingly, Net Income for years 2022 and 2021 reflect the application of the new retrospective guidance. Prior to such application, Net Income for years 2022 and 2021 was $894,000,000 and $1,202,000,000, respectively.
​
(i)
CI as defined under “Performance Measures” in this proxy statement (page 21).
​
Year
​ ​
Reported
Summary
Compensation
Table
Total for
PEO
(a)
​ ​
Equity Award
Adjustments
(b)
​ ​
Dividends not
included
in SCT
​ ​
Change in
PV of
Defined
Benefit or
Pension
Plan
​ ​
Aggregate
service
costs for
Defined
Benefit or
Pension
Plan
​ ​
“Compensation
Actually
Paid”
to PEO
​
2025 ​ ​ ​ $ 12,619,149 ​ ​ ​ ​ $ (14,068) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 12,605,081 ​ ​
2024 ​ ​ ​ $ 16,076,493 ​ ​ ​ ​ $ 2,738,078 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 18,814,571 ​ ​
2023 ​ ​ ​ $ 16,084,212 ​ ​ ​ ​ $ 1,432,328 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 17,516,540 ​ ​
2022 ​ ​ ​ $ 15,068,389 ​ ​ ​ ​ $ (122,670) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 14,945,719 ​ ​
2021 ​ ​ ​ $ 14,246,207 ​ ​ ​ ​ $ 1,934,716 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 16,180,923 ​ ​
Year
​ ​
Reported
Average
Summary
Compensation
Table
Total for
Non-PEO
NEOs
(a)
​ ​
Equity Award
Adjustments
(b)
​ ​
Dividends not
included
in SCT
​ ​
Change in
PV of
Defined
Benefit or
Pension
Plan
​ ​
Aggregate
service
costs for
Defined
Benefit or
Pension
Plan
​ ​
“Compensation
Actually
Paid” to Non-PEO
NEOs
​
2025 ​ ​ ​ $ 5,485,554 ​ ​ ​ ​ $ (174,146) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 5,311,408 ​ ​
2024 ​ ​ ​ $ 5,182,003 ​ ​ ​ ​ $ 758,705 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 5,940,707 ​ ​
2023 ​ ​ ​ $ 4,912,166 ​ ​ ​ ​ $ 461,893 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 5,374,060 ​ ​
2022 ​ ​ ​ $ 4,081,690 ​ ​ ​ ​ $ (544,050) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 3,537,640 ​ ​
2021 ​ ​ ​ $ 3,571,966 ​ ​ ​ ​ $ 393,891 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 3,965,857 ​ ​
​
(a)
The Reported Summary Compensation Total for PEO and Non-PEO NEOs includes the grant date fair value of equity awards reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year.
​
(b)
In accordance with SEC rules for CAP calculations, instead of grant date fair value, CAP tracks the value of the equity at the start of the year to the value at the end of the year or at vesting during the year, if earlier. Equity Award Adjustments reported represent the Change in Fair Value of equity awards granted during the fiscal year and equity awards granted in prior fiscal years, which are outstanding and unvested at year end, vested during the year, or forfeited.
       
Company Selected Measure Name CI        
Named Executive Officers, Footnote
(b)
Our Principal Executive Officer (PEO) for 2025 is Mr. Douglas M. Worman. For years reported 2021 — 2024 the PEO was Mr. Dino E. Robusto. The amounts reported are the amounts of total compensation reported in our Summary Compensation Table for PEO Mr. Douglas M. Worman.
​
(c)
The amounts reported are the amount of “compensation actually paid”, as computed in accordance with SEC rules. The amounts do not reflect the actual amount of compensation earned or realized by or paid to our PEO or non-PEO NEOs during the applicable year. In accordance with SEC rules, adjustments were made to Total Compensation reported in our Summary Compensation Table to determine the compensation actually paid. Adjustments made are included in the table below footnotes.
​
(d)(e)
Included in the average Summary Compensation Table total and average compensation actually paid to non-PEO NEOs for 2025 are Mr. Dino. E. Robusto, Mr. Scott R. Lindquist, Mr. Daniel P. Franzetti, Ms. Jane E. Possell and Ms. Susan A. Stone. For 2024 are Mr. Scott R. Lindquist, Mr. Douglas M. Worman, Mr. Daniel P. Franzetti, and Ms. Susan A. Stone. For 2023 are Mr. Scott R. Lindquist, Mr. Douglas M. Worman, Mr. Daniel P. Franzetti, and Ms. Susan A. Stone. For 2022 the non-PEO NEOs included are Mr. Larry A. Haefner, Mr. Scott R. Lindquist, Mr. Douglas M. Worman, Mr. Gerald S. Haase, Mr. Daniel P. Franzetti, and Mr. Kevin G. Smith. For 2021 the non-PEO NEOs included are Mr. Larry A. Haefner, Mr. Albert J. Miralles, Mr. Douglas M. Worman, Mr. Kevin J. Leidwinger, and Mr. Kevin G. Smith.
       
Peer Group Issuers, Footnote
(g)
The peer group companies for TSR in the table above are the nine companies listed on page 25 of this proxy statement. The same peer group has been used for all years disclosed. Peer group TSR disclosure in the table is required to be market capitalization weighted.
       
PEO Total Compensation Amount $ 12,619,149 $ 16,076,493 $ 16,084,212 $ 15,068,389 $ 14,246,207
PEO Actually Paid Compensation Amount $ 12,605,081 18,814,571 17,516,540 14,945,719 16,180,923
Adjustment To PEO Compensation, Footnote
Year
​ ​
Reported
Summary
Compensation
Table
Total for
PEO
(a)
​ ​
Equity Award
Adjustments
(b)
​ ​
Dividends not
included
in SCT
​ ​
Change in
PV of
Defined
Benefit or
Pension
Plan
​ ​
Aggregate
service
costs for
Defined
Benefit or
Pension
Plan
​ ​
“Compensation
Actually
Paid”
to PEO
​
2025 ​ ​ ​ $ 12,619,149 ​ ​ ​ ​ $ (14,068) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 12,605,081 ​ ​
2024 ​ ​ ​ $ 16,076,493 ​ ​ ​ ​ $ 2,738,078 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 18,814,571 ​ ​
2023 ​ ​ ​ $ 16,084,212 ​ ​ ​ ​ $ 1,432,328 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 17,516,540 ​ ​
2022 ​ ​ ​ $ 15,068,389 ​ ​ ​ ​ $ (122,670) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 14,945,719 ​ ​
2021 ​ ​ ​ $ 14,246,207 ​ ​ ​ ​ $ 1,934,716 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 16,180,923 ​ ​
(a)
The Reported Summary Compensation Total for PEO and Non-PEO NEOs includes the grant date fair value of equity awards reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year.
​
(b)
In accordance with SEC rules for CAP calculations, instead of grant date fair value, CAP tracks the value of the equity at the start of the year to the value at the end of the year or at vesting during the year, if earlier. Equity Award Adjustments reported represent the Change in Fair Value of equity awards granted during the fiscal year and equity awards granted in prior fiscal years, which are outstanding and unvested at year end, vested during the year, or forfeited.
       
Non-PEO NEO Average Total Compensation Amount $ 5,485,554 5,182,003 4,912,166 4,081,690 3,571,966
Non-PEO NEO Average Compensation Actually Paid Amount $ 5,311,408 5,940,707 5,374,060 3,537,640 3,965,857
Adjustment to Non-PEO NEO Compensation Footnote
Year
​ ​
Reported
Average
Summary
Compensation
Table
Total for
Non-PEO
NEOs
(a)
​ ​
Equity Award
Adjustments
(b)
​ ​
Dividends not
included
in SCT
​ ​
Change in
PV of
Defined
Benefit or
Pension
Plan
​ ​
Aggregate
service
costs for
Defined
Benefit or
Pension
Plan
​ ​
“Compensation
Actually
Paid” to Non-PEO
NEOs
​
2025 ​ ​ ​ $ 5,485,554 ​ ​ ​ ​ $ (174,146) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 5,311,408 ​ ​
2024 ​ ​ ​ $ 5,182,003 ​ ​ ​ ​ $ 758,705 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 5,940,707 ​ ​
2023 ​ ​ ​ $ 4,912,166 ​ ​ ​ ​ $ 461,893 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 5,374,060 ​ ​
2022 ​ ​ ​ $ 4,081,690 ​ ​ ​ ​ $ (544,050) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 3,537,640 ​ ​
2021 ​ ​ ​ $ 3,571,966 ​ ​ ​ ​ $ 393,891 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 3,965,857 ​ ​
​
(a)
The Reported Summary Compensation Total for PEO and Non-PEO NEOs includes the grant date fair value of equity awards reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year.
​
(b)
In accordance with SEC rules for CAP calculations, instead of grant date fair value, CAP tracks the value of the equity at the start of the year to the value at the end of the year or at vesting during the year, if earlier. Equity Award Adjustments reported represent the Change in Fair Value of equity awards granted during the fiscal year and equity awards granted in prior fiscal years, which are outstanding and unvested at year end, vested during the year, or forfeited.
       
Compensation Actually Paid vs. Total Shareholder Return “Compensation Actually Paid” versus Company Total Shareholder Return (“TSR”)[MISSING IMAGE: bc_tsr-pn.jpg]        
Compensation Actually Paid vs. Net Income
“Compensation Actually Paid” versus Net Income and CI
[MISSING IMAGE: bc_core-pn.jpg] 		       
Compensation Actually Paid vs. Company Selected Measure
“Compensation Actually Paid” versus Net Income and CI
[MISSING IMAGE: bc_core-pn.jpg] 		       
Total Shareholder Return Vs Peer Group Company TSR versus Peer Group TSR[MISSING IMAGE: bc_tsr-pn.jpg]        
Tabular List, Table
Financial Performance Measures
The most important financial performance measures used by the Company to link executive “compensation actually paid” to the Company’s NEOs in 2025 to the Company’s performance are listed below.
​ ​ CI ​ ​
​ ​
Underlying Property & Casualty Combined Ratio
​ ​
​ ​ Property & Casualty Underwriting Premium ​ ​
As described under “Performance Measures” in this proxy statement (pages 21-23), CI is the Company performance measure which is the primary basis for determination of incentive compensation to executives. Further, as the determined formula for CI, as described on page 21, adjusts for certain non-core operational impact (eg, long-term care reserve changes, catastrophes under or over plan assumptions, limited partnership, common equity investment income under or over plan assumptions, federal income tax policy changes, and foreign currency rate fluctuations), the primary drivers of increased CI (and thus, increased Company performance) are underlying P&C combined ratio and P&C underwriting premium.
       
Total Shareholder Return Amount $ 175 164 132 124 119
Peer Group Total Shareholder Return Amount 239 215 156 146 123
Net Income (Loss) $ 1,278,000,000 $ 959,000,000 $ 1,205,000,000 $ 682,000,000 $ 1,184,000,000
Company Selected Measure Amount 1,303,000,000 1,324,000,000 1,312,000,000 1,201,000,000 1,083,000,000
PEO Name Mr. Douglas M. Worman        
Net Income Loss Before Application Of New Accounting Standard Update       $ 894,000,000 $ 1,202,000,000
Measure:: 1          
Pay vs Performance Disclosure          
Name CI        
Non-GAAP Measure Description
(i)
CI as defined under “Performance Measures” in this proxy statement (page 21).
       
Measure:: 2          
Pay vs Performance Disclosure          
Name Underlying Property & Casualty Combined Ratio        
Measure:: 3          
Pay vs Performance Disclosure          
Name Property & Casualty Underwriting Premium        
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount
PEO | Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount
PEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (14,068) 2,738,078 1,432,328 (122,670) 1,934,716
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount
Non-PEO NEO | Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (174,146) 758,705 461,893 (544,050) 393,891
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount
v3.26.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
Stock-Based Awards.   Another element of our compensation program for NEOs is stock-based awards under the Incentive Compensation Plan which generally include restricted stock units (“RSUs”). These awards are used to attract senior talent and are granted upon commencement of employment. Currently, our equity-based compensation is solely with respect to such RSUs and PSUs, as described above under “Incentive Compensation
Awards” and in this section. We do not currently grant stock options, stock appreciation rights, or similar option-like awards as part of our compensation program. Accordingly, CNA has no policies or practices to disclose under Item 402(x) of Regulation S-K at this time.
Award Timing Method We do not currently grant stock options, stock appreciation rights, or similar option-like awards as part of our compensation program.
MNPI Disclosure Timed for Compensation Value false