CNA FINANCIAL CORP (CNA) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Specialty	5,209	5,004	4,585	4,491	4,180	3,625	3,602	3,612
Commercial	4,441	4,199	3,861	3,796	3,578	3,571	3,529	3,418
Management & Professional Liability	2,771	2,776	2,577	2,572	2,440	2,533	2,562	2,647
Warranty & Alternative Risks	1,786	1,624	1,412	1,323	1,169	551	511	461
Total revenues	11,879	11,908	10,808	10,767	10,134	9,542	9,366	9,101
Revenue growth	-0.2%	10.2%	0.4%	6.2%	6.2%	1.9%	2.9%	-6.1%
Loss and loss adjustment expenses	6,361	6,327	6,149	5,783	5,547	5,288	5,270	5,372
Policy acquisition costs	1,490	1,443	1,410	1,383	1,335	1,233	1,235	1,540
Investment expenses	72	64	64	63	61	59	59	63
Other operating expenses	2,763	2,477	2,242	2,184	2,089	1,491	1,506	1,422
EBITDA	1,244	1,651	1,003	1,422	1,181	1,559	1,373	1,195
EBITDA margin	10.5%	13.9%	9.3%	13.2%	11.7%	16.3%	14.7%	13.1%
Depreciation	51	54	60	68	79	88	77	84
EBIT	1,193	1,597	943	1,354	1,102	1,471	1,296	1,111
EBIT margin	10.0%	13.4%	8.7%	12.6%	10.9%	15.4%	13.8%	12.2%
Interest expense	112	113	122	131	138	161	159	155
Interest expense	112	113	122	131	138	161	159	155
Other income (expense), net								-407
Pre-tax income	1,081	1,484	821	1,223	964	1,310	1,137	549
Income taxes	187	282	131	223	151	411	278	70
Tax rate	17.3%	19.0%	16.0%	18.2%	15.7%	31.4%	24.5%	12.8%
Net income	894	1,202	690	1,000	813	899	859	479
Net margin	7.5%	10.1%	6.4%	9.3%	8.0%	9.4%	9.2%	5.3%

Basic EPS	$3.29	$4.42	$2.54	$3.68	$2.99	$3.32	$3.18	$1.77
Diluted EPS	$3.28	$4.41	$2.53	$3.67	$2.98	$3.30	$3.17	$1.77

Shares outstanding (basic)	272	272	272	272	272	271	270	270
Shares outstanding (diluted)	273	273	272	273	273	272	271	271

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.