CNA evaluating pension risk transfer for ~$1B obligations; expects Q4 charge of $300-400M

CNA FINANCIAL CORP

Plan may transfer ~$800M-$1B (50-60% of total obligations) to insurer covering 6,000-8,000 participants.
Transaction funded by plan assets; no cash from CNA; anticipated Q4 2024 close, subject to finalization.
One-time non-cash pretax charge of $300-400M ($235-315M net of tax) in Q4 2024; does not affect core income or cash flow.
Charge accelerates actuarial pension loss recognition from AOCI to net income; no impact on stockholders' equity.
No changes to benefit amounts; insurer solely responsible for payments after Jan 1, 2025.

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