[ The transcript was presubmitted by CNA Financial Corporation. No live call was conducted for the second quarter earnings call. ] We are pleased with our exceptional second quarter results driven by strong investment income and excellent underwriting gain. Our underwriting gain of $150 million was up 21% from the prior year second quarter. The underlying underwriting gain of $213 million was the ninth consecutive quarter of $200 million or more. We grew gross written premiums excluding captives 5% while maintaining strong underwriting discipline, and catastrophe losses were lower year over year. We achieved higher net investment income and solid top-line growth, and in the U.S, rate was stable – including double-digit rate increases in our commercial casualty classes of business, which continue to exceed loss cost trends. Core income was $335 million, an increase of $9 million over the prior year quarter. Core income was impacted by an $88 million after-tax charge related to unfavorable prior period development associated with legacy mass tort abuse reserves, inclusive of the anticipated agreement in principle with regards to the Diocese of Rochester. Net investment income of $662 million increased $44 million year over year, with equal contributions from the fixed income portfolio from growth in both book yield and our invested asset base, and strong limited partnership and common stock performance. The P&C all-in combined ratio was 94.1% in the second quarter, including $62 million or 2.4 points, of catastrophe losses. The catastrophe loss ratio was more than a point lower than our second quarter average over the past five years. Prior period development was negligible in the quarter. The P&C underlying combined ratio was 91.7%. The underlying loss ratio was 61.5%, in line with the first quarter, and the expense ratio was 29.8%, the lowest since 2008. Gross written premiums excluding…

CNA’s core income of $335 million is up from $326 million in the prior year quarter, leading to a core return on equity of 11.0%, and reflects another quarter of strong underwriting and investment results. Our P&C expense ratio for the second quarter was 29.8% compared to 30.7% in the prior year quarter, reflecting higher net earned premiums and a favorable acquisition ratio. While we tend to have a certain amount of variability quarter to quarter, we do expect the expense ratio to continue to track at approximately 30% for the balance of 2025. The P&C net prior period development impact on the combined ratio was flat in the current quarter. In the Specialty segment, favorable development in surety was offset by unfavorable development in other professional liability and management liability. In the Commercial segment, favorable development in workers'’ compensation was offset by unfavorable development in general liability. For Life & Group, we recorded core income of $1 million for the second quarter compared to a $1 million core loss for the prior year quarter, with both underwriting and investment results being generally in-line with the prior year quarter. Results for the quarter benefited from favorable persistency, somewhat offset by lower investment income. We also note that, consistent with historical practice, we intend to perform our annual assumption updates for our Life & Group segment during the third quarter. Our Corporate segment produced a core loss of $114 million in the second quarter, compared to a $53 million loss in the prior year quarter. As a reminder and as we stated previously, we conduct a comprehensive review of mass tort reserves in the second quarter of each year. As a result of this quarter’s comprehensive review, the Corporate segment results include an $88 million after-tax charge related to unfavorable prior…

To wrap this up, CNA achieved 5% growth in gross written premiums excluding captives and 6% growth in net written premiums. We achieved very strong cash flow and excellent investment returns, while continuing with our disciplined execution of our underwriting strategies. Our underlying underwriting gain of $213 million is the ninth consecutive quarter in excess of $200 million and our underlying combined ratio was 92.0% for the first half of the year. Our catastrophe ratio is below our five year average for the quarter and for the first half of the year. We very successfully renewed all of our major property reinsurance treaties in the quarter and we had an extraordinary launch of Cardinal E&S with strong support from our distribution partners. Over the years, we have generated attractive underwriting margins, built an excellent investment portfolio, and established top tier staff to continue driving positive momentum. We have established differentiated business profiles in the areas of our specialization which allows us to manage through adverse markets. We are proud of our results through the first half of 2025 and look forward to a successful second half of the year.