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On July 30, 2026, CNA Financial Corp (CNA) shares fell 3.4% to a current price of $53.26. This price is situated in a 52-week range of $41.53 to $55.71, reflect

Key Takeaways CNA is expected to benefit from strong retention, renewal pricing and new business across key segments. CNA's investment portfolio and conservative capital structure support earnings and financial flexibility. CNA continues to reward shareholders through dividend growth backed by strong capital & underwriting results. CNA Financial Corporation (CNA - Free Report) hit a 52-week high of $52.99 on July 20. Shares closed at $52.91 after gaining 18.6% in the past year, outperforming the industry and the sector.

With a capitalization of $14.31 billion, the average number of shares traded in the last three months was 0.5 million.

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CNA Trading Above 50-Day and 200-Day Moving AveragesShares of CNA Financial are trading above the 50-day and 200-day simple moving averages (SMA) of $46.01 and $46.60, respectively, indicating solid upward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.

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CNA Shares Are AffordableCNA Financial shares are trading at a discount compared to the Zacks Property and Casualty Insurance industry. Its forward price-to-book value of 1.32X is lower than the industry average of 1.45X, the Finance sector’s 4.45X and the Zacks S&P 500 Composite’s 8.03X. The insurer has a Value Score of A.

Shares of RenaissanceRe Holdings Ltd. (RNR - Free Report) , NMI Holdings Inc. (NMIH - Free Report) and First American Financial Corporation (FAF - Free Report) are also trading at a discount to the industry average.

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CNA’s Encouraging Growth ProjectionThe Zacks Consensus Estimate for CNA Financial’s 2026 revenues is pegged at $13.80 billion, implying a year-over-year improvement of 2.2%. The consensus estimate for 2027 earnings and revenues indicates an increase of 16.9% and 3.8%, respectively, from the corresponding 2026 estimates.

CNA’s Favorable Return on CapitalCNA Financial’s trailing 12-month ROE of 11.5% is better than the industry average of 7.4%.

Factors Favoring CNACNA Financial’s premiums should continue to grow on solid retention, favorable renewal premium change and new business growth across Specialty, Commercial and International segments.

An improving rate environment is favorable for an insurer. Amid the lower rate environment, the company’s fixed-income investment strategy with the highest allocations to diversified investment grade corporates, as well as highly rated municipal securities, should support investment results.

CNA Financial has a solid balance sheet with capital remaining above the target levels required for all ratings. CNA Financial continues to maintain a conservative capital structure. It maintains liquidity in the form of cash and short-term investments, which helps to sustain business variability.

Strong financial position enables CNA Financial to engage in shareholder-friendly moves like dividend hikes. The insurer’s dividend history is impressive, as it witnessed a 10-year CAGR (2015-2025) of 6.3%. The current dividend yield of 3.6% is better than the industry average of 0.2%. On the back of disciplined execution, denoted by strong underwriting results and confidence in future earnings performance, the insurer has been hiking dividends, apart from paying special dividends over the past couple of years. Thus, the company remains committed to returning more value to shareholders.

End NotesSolid retention, favorable renewal premium change and new business growth across its segments will continue to induce growth for CNA Financial. As part of wealth distribution to shareholders, CNA also has an impressive dividend history, reflecting capital strength, that is expected to be attractive to generate long-term value for shareholders.

Favorable growth estimates, higher return on capital and attractive valuation also add to the upside. The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

On July 02, 2026, CNA Financial Corp (CNA) shares rose 3.1% to a current price of $51.17. Over the past year, the stock has fluctuated between a 52-week high of

Posted by Defense World Staff on Mar 31st, 2026

Assenagon Asset Management S.A. purchased a new stake in shares of CNA Financial Corporation (NYSE:CNA – Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 55,142 shares of the insurance provider’s stock, valued at approximately $2,632,000.

A number of other hedge funds also recently added to or reduced their stakes in CNA. Elevation Wealth Partners LLC purchased a new stake in CNA Financial during the 4th quarter valued at $53,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of CNA Financial by 19.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,458 shares of the insurance provider’s stock worth $767,000 after purchasing an additional 2,622 shares during the last quarter. Abner Herrman & Brock LLC bought a new position in shares of CNA Financial during the fourth quarter valued at $716,000. Board of the Pension Protection Fund lifted its holdings in shares of CNA Financial by 16.3% during the fourth quarter. Board of the Pension Protection Fund now owns 31,400 shares of the insurance provider’s stock valued at $1,499,000 after purchasing an additional 4,400 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of CNA Financial by 55.1% during the third quarter. JPMorgan Chase & Co. now owns 10,176 shares of the insurance provider’s stock valued at $473,000 after buying an additional 3,613 shares during the last quarter. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at CNA Financial In other news, Chairman Dino Robusto sold 6,250 shares of the company’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $47.62, for a total value of $297,625.00. Following the completion of the sale, the chairman directly owned 661,838 shares in the company, valued at $31,516,725.56. This represents a 0.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Jeffrey John Neuenschwander sold 3,287 shares of the firm’s stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $45.97, for a total value of $151,103.39. Following the completion of the transaction, the senior vice president directly owned 7,277 shares in the company, valued at approximately $334,523.69. This represents a 31.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.30% of the stock is currently owned by company insiders.

CNA Financial Stock Up 1.5% CNA stock opened at $45.56 on Tuesday. The company has a market cap of $12.30 billion, a price-to-earnings ratio of 9.71, a P/E/G ratio of 6.50 and a beta of 0.34. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.28 and a current ratio of 0.28. The business’s 50-day moving average is $47.60 and its two-hundred day moving average is $46.70. CNA Financial Corporation has a fifty-two week low of $43.29 and a fifty-two week high of $51.29.

CNA Financial (NYSE:CNA – Get Free Report) last released its quarterly earnings results on Monday, February 9th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.04). CNA Financial had a net margin of 8.53% and a return on equity of 12.23%. The firm had revenue of $3.83 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter in the prior year, the firm earned $1.25 earnings per share. As a group, analysts forecast that CNA Financial Corporation will post 4.64 earnings per share for the current year.

CNA Financial Dividend Announcement The firm also recently announced an annual dividend, which was paid on Thursday, March 12th. Shareholders of record on Monday, February 23rd were issued a dividend of $2.00 per share. This represents a yield of 409.0%. The ex-dividend date of this dividend was Monday, February 23rd. CNA Financial’s dividend payout ratio is currently 40.94%.

Analysts Set New Price Targets A number of equities analysts have weighed in on the company. Weiss Ratings raised CNA Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, February 5th. Wall Street Zen lowered shares of CNA Financial from a “buy” rating to a “hold” rating in a research note on Sunday, February 15th. Finally, Zacks Research cut shares of CNA Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy”.

Get Our Latest Stock Report on CNA Financial

CNA Financial Company Profile (Free Report)

CNA Financial Corporation is a leading U.S.-based commercial property and casualty insurance company offering a broad portfolio of risk management and insurance solutions. The company underwrites coverage for businesses of all sizes across a variety of industry sectors, including manufacturing, healthcare, energy, technology, construction and real estate. In addition to core property and casualty insurance, CNA delivers specialized products such as surety bonds, professional liability, environmental liability and commercial auto coverage.

Headquartered in Chicago, Illinois, CNA traces its origins to the founding of Continental Casualty Company in 1897.

Read More Five stocks we like better than CNA Financial Want to see what other hedge funds are holding CNA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CNA Financial Corporation (NYSE:CNA – Free Report).

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CNA is poised to gain from steady premium growth, a strong capital position and consistent dividend hikes.

Net income of $211 million versus $274 million in the prior year quarter; core income of $225 million versus $281 million in the prior year quarter. P&C core income of $248 million versus $311 million, reflects lower underlying underwriting results and unfavorable prior period development partially offset by higher net investment income. Life & Group core loss of $9 million versus core income of $6 million in the prior year quarter. Corporate & Other core loss of $14 million versus $36 million in the prior year quarter. Net investment income of $610 million, reflects an $18 million increase from fixed income securities and other investments to $568 million and a $12 million decrease from limited partnerships and common stock to $42 million. P&C combined ratio of 102.2%, compared with 98.4% in the prior year quarter, including a 3.6 point impact related to catastrophes compared with 3.8 points in the prior year quarter. The current year quarter also includes an unfavorable impact of 4.1 points from net prior period development driven by excess casualty and professional E&O lines in recent accident years, compared to 2.5 points in the prior year quarter. Catastrophe impacts of $97 million pretax in both the current and prior year quarters. P&C underlying combined ratio was 94.5%, compared with 92.1% in the prior year quarter. P&C underlying loss ratio was 64.1% and the expense ratio was 29.9%. P&C segments generated net written premium growth of 1% in the quarter. P&C renewal premium change of +3%, with written rate of +2%. Book value per share of $40.13; book value per share excluding AOCI of $45.12, a 1% increase from year-end 2025 adjusting for $2.48 of dividends per share paid. Board of Directors declares regular quarterly cash dividend of $0.48 per share. , /PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) today announced first quarter 2026 net income of $211 million, or $0.78 per share, versus $274 million, or $1.00 per share, in the prior year quarter. Net investment losses for the quarter were $14 million compared to $7 million in the prior year quarter. Core income for the quarter was $225 million, or $0.83 per share, versus $281 million, or $1.03 per share, in the prior year quarter.

Our Property & Casualty segments delivered core income of $248 million for the first quarter of 2026, a decrease of $63 million compared to the prior year quarter reflecting lower underlying underwriting results and unfavorable prior period development partially offset by higher net investment income. P&C segments generated net written premium growth of 1%.

Our Life & Group segment produced a core loss of $9 million for the first quarter of 2026 versus core income of $6 million in the prior year quarter.

Our Corporate & Other segment reported a core loss of $14 million for the first quarter of 2026 versus $36 million in the prior year quarter.

CNA Financial declared a quarterly cash dividend of $0.48 per share, payable June 4, 2026 to stockholders of record on May 18, 2026.

Results for the Three Months

Ended March 31

($ millions, except per share data)

2026

2025

Net income

$             211

$             274

Core income (a)

225

281

Net income per diluted share

$             0.78

$             1.00

Core income per diluted share

0.83

1.03

March 31, 2026

December 31, 2025

Book value per share

$

40.13

$

42.93

Book value per share excluding AOCI

45.12

46.99

(a)

Management utilizes the core income (loss) financial measure to monitor the Company's operations. Please refer herein to the Reconciliation of GAAP Measures to Non-GAAP Measures section of this press release for further discussion of this non-GAAP measure.

"In the first quarter we achieved $225 million of core income buoyed by strong investment income and reinforcing our unwavering focus on underwriting discipline. The fundamentals of our business remain strong as we execute deliberate strategies to optimize our portfolio at a time when the industry is experiencing pressure on growth, rate and loss cost trends.

The P&C all-in combined ratio was 102.2% in the quarter and included 3.6 points of catastrophe impact and 4.1 points of prior period development. We took decisive action this quarter to add additional prudence to P&C reserves in recent accident years on excess casualty in Commercial and professional E&O in Specialty, which we view as fundamentally appropriate given the current environment. Our underlying loss ratio of 64.1% also reflects this additional level of prudence, and our underlying combined ratio was 94.5%.

Net written premiums grew 1% in the quarter, new business grew 3% to $581 million and retention was 83%. We grew certain pockets of our portfolio that offer accretive returns and held the line in other areas we felt the market is not supporting an acceptable level of return.

Rate increase was 2% while renewal premium change was up 3% reflecting significant differentiation by business unit and class. For example, we continue to achieve double-digit rate increase in social inflation impacted classes of business, while national accounts property was down double-digit due to the competitive environment in that space.

Looking ahead to the rest of the year, we will continue to operate with confidence and prioritize underwriting discipline. We remain committed to executing in the marketplace as we implement specialized underwriting strategies to achieve profitable growth while maintaining the strength of our balance sheet in the current environment," said Douglas M. Worman, Chairman & Chief Executive Officer of CNA Financial Corporation.

Property & Casualty Operations

Results for the Three Months
Ended March 31

($ millions)

2026

2025

Net written premiums

$      2,622

$       2,606

NWP change (% year over year)

1

%

Net earned premiums

$      2,598

$       2,520

NEP change (% year over year)

3

%

Underwriting (loss) gain

$          (59)

$            40

Net investment income

$         375

$          362

Core income

$         248

$          311

Loss ratio

71.8

%

67.8

%

Less: Effect of catastrophe impacts

3.6

3.8

Less: Effect of unfavorable development-related items

4.1

2.5

Underlying loss ratio

64.1

%

61.5

%

Expense ratio

29.9

%

30.2

%

Combined ratio

102.2

%

98.4

%

Underlying combined ratio

94.5

%

92.1

%

The underlying combined ratio increased 2.4 points as compared with the prior year quarter, primarily the result of a 2.6 point increase in the underlying loss ratio to 64.1%, with increases across each segment. The expense ratio improved 0.3 points compared with the prior year quarter. The combined ratio increased 3.8 points as compared with the prior year quarter. Unfavorable net prior period development in the Specialty and Commercial segments increased the loss ratio by 4.1 points in the current quarter compared to 2.5 points in the prior year quarter. Catastrophe impacts were $97 million in the quarter, inclusive of $9 million of catastrophe-related reinsurance reinstatement premiums, compared with $97 million for the prior year quarter. The effect of catastrophe impacts on the loss ratio was 3.6 points in the quarter compared with 3.8 points for the prior year quarter. Business Operating Highlights
Specialty

Results for the Three Months
Ended March 31

($ millions)

2026

2025

Net written premiums

$         834

$         842

NWP change (% year over year)

(1)

%

Net earned premiums

$         852

$         830

NEP change (% year over year)

3

%

Underwriting (loss) gain

$          (24)

$           42

Loss ratio

68.7

%

61.4

%

Less: Effect of catastrophe impacts

—

—

Less: Effect of unfavorable development-related items

5.9

1.3

Underlying loss ratio

62.8

%

60.1

%

Expense ratio

33.6

%

33.4

%

Combined ratio

102.7

%

95.1

%

Underlying combined ratio

96.8

%

93.8

%

The underlying combined ratio increased 3.0 points as compared with the prior year quarter. The underlying loss ratio increased 2.7 points as compared with the prior year quarter reflecting loss cost trends exceeding rate for certain lines in recent quarters. The expense ratio increased 0.2 points as compared with the prior year quarter. The combined ratio increased 7.6 points as compared with the prior year quarter. Unfavorable net prior period development, driven by professional errors & omissions (E&O) business in recent accident years, increased the loss ratio by 5.9 points in the current quarter as compared with 1.3 points in the prior year quarter. Commercial

Results for the Three Months
Ended March 31

($ millions)

2026

2025

Net written premiums

$       1,480

$       1,498

NWP change (% year over year)

(1)

%

Net earned premiums

$       1,412

$       1,380

NEP change (% year over year)

2

%

Underwriting loss

$          (49)

$          (17)

Loss ratio

76.2

%

73.0

%

Less: Effect of catastrophe impacts

6.4

6.3

Less: Effect of unfavorable development-related items

4.0

3.8

Underlying loss ratio

65.8

%

62.9

%

Expense ratio

26.7

%

27.6

%

Combined ratio

103.5

%

101.1

%

Underlying combined ratio

93.1

%

91.0

%

The underlying combined ratio increased 2.1 points as compared with the prior year quarter. The underlying loss ratio increased 2.9 points compared with the prior year quarter as a result of increases in excess casualty and workers' compensation. The expense ratio improved 0.9 points primarily due to a favorable acquisition ratio. The combined ratio increased 2.4 points as compared with the prior year quarter. Unfavorable net prior period development, driven by excess casualty in recent accident years, increased the loss ratio by 4.0 points in the current quarter compared with 3.8 points in the prior year quarter. Catastrophe impacts were $93 million in the quarter, inclusive of $9 million of catastrophe-related reinsurance reinstatement premiums, compared with $86 million for the prior year quarter. The effect of catastrophe impacts on the loss ratio was 6.4 points in the quarter compared with 6.3 points for the prior year quarter. International

Results for the Three Months
Ended March 31

($ millions)

2026

2025

Net written premiums

$         308

$         266

NWP change (% year over year)

16

%

Net earned premiums

$         334

$         310

NEP change (% year over year)

8

%

Underwriting gain

$           14

$           15

Loss ratio

61.0

%

62.1

%

Less: Effect of catastrophe impacts

1.2

3.6

Less: Effect of (favorable) unfavorable development-related items

—

—

Underlying loss ratio

59.8

%

58.5

%

Expense ratio

34.9

%

33.3

%

Combined ratio

95.9

%

95.4

%

Underlying combined ratio

94.7

%

91.8

%

The underlying combined ratio increased 2.9 points as compared with the prior year quarter. The expense ratio increased 1.6 points attributed to higher employee related costs and acquisition costs partially offset by net earned premium growth of 8%. The underlying loss ratio increased 1.3 points as compared with the prior year quarter driven by continued pricing pressure. The combined ratio increased 0.5 points as compared with the prior year quarter. Catastrophe losses were $4 million, or 1.2 points of the loss ratio in the quarter compared with $11 million or 3.6 points of the loss ratio, for the prior year quarter. Excluding currency fluctuations, net written premiums grew 7% for the first quarter of 2026. Life & Group

Results for the Three Months
Ended March 31

($ millions)

2026

2025

Net earned premiums

$        103

$        106

Claims, benefits and expenses

344

330

Net investment income

$        224

$        226

Core (loss) income

$           (9)

$            6

Core results decreased $15 million for the first quarter of 2026 as compared with the prior year quarter. Results for the current year quarter reflect unfavorable morbidity partially offset by favorable persistency. Results for the prior year quarter reflected favorable persistency.

Corporate & Other

Results for the Three Months
Ended March 31

($ millions)

2026

2025

Insurance claims and policyholders' benefits

$          (17)

$            9

Interest expense

33

32

Net investment income

11

16

Core loss

(14)

(36)

Core loss improved $22 million for the first quarter of 2026 as compared with the prior year quarter. There was no prior period development in the current year quarter compared to a $17 million after-tax charge in the prior year quarter related to unfavorable prior period development associated with legacy mass tort.

Net Investment Income

Results for the Three Months
Ended March 31

2026

2025

Fixed income securities and other

$         568

$         550

Limited partnership and common stock investments

42

54

Net investment income

$         610

$         604

Net investment income increased $6 million for the first quarter of 2026. The increase was driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates partially offset by lower common stock returns.

Stockholders' Equity

Stockholders' equity of $10.9 billion decreased 7% from year-end 2025, primarily due to dividends paid to stockholders and an increase in net unrealized investment losses partially offset by net income.

Book value per share ex AOCI of $45.12 increased 1% from year-end 2025 adjusting for $2.48 of dividends per share.

As of March 31, 2026, statutory capital and surplus for the Combined Continental Casualty Companies was $11.1 billion.

About the Company

CNA is one of the largest U.S. commercial property and casualty insurance companies. Backed by more than 125 years of experience, CNA provides a broad range of standard and specialized insurance products and services for businesses and professionals in the U.S., Canada and Europe. For more information, please visit CNA at cna.com.

Contacts

Media:

Analysts:

Kelly Messina | Vice President,

Marketing

Ralitza K. Todorova | Vice President,
Investor Relations & Rating Agencies

872-817-0350

312-822-3834

Earnings Remarks & Materials

A transcript of earnings remarks will be available on CNA's website at cna.com via the Investor Relations section. Remarks will include commentary from the Company's Chairman and Chief Executive Officer, Douglas M. Worman, and Chief Financial Officer, Scott R. Lindquist. An earnings presentation and financial supplement information related to the results will also be posted and available on the CNA website.

Definition of Reported Segments

Specialty provides management and professional liability and other coverages through property and casualty products and services using a network of retail and wholesale brokers, independent agencies and managing general underwriters. Commercial works with a network of retail and wholesale brokers and independent agents to market a broad range of property and casualty insurance products to all types of insureds targeting small business, construction, middle market and other commercial customers. International underwrites property and casualty coverages on a global basis through a branch operation in Canada, a European business consisting of insurance companies based in the U.K. and Luxembourg and Hardy, our Lloyd's Syndicate. Life & Group includes the individual and group run-off long-term care businesses as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants. Corporate & Other primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including asbestos and environmental pollution (A&EP), a legacy portfolio of excess workers' compensation (EWC) policies and legacy mass tort reserves. Financial Measures

Management utilizes the following metrics in their evaluation of the Property & Casualty Operations.

These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).

Loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. Underlying loss ratio represents the loss ratio excluding catastrophe-related reinstatement premiums, catastrophe losses and development-related items. Expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. Dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. Combined ratio is the sum of the loss ratio, the expense and the dividend ratio. Underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate our underwriting performance since they remove the impact of catastrophes, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance. The components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for Property & Casualty, Specialty, Commercial and International segments are set forth on pages 3, 4, 5 and 6, respectively.

Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes.

Rate represents the average change in price on policies that renew excluding exposure change.

Exposure represents the measure of risk used in the pricing of the insurance product. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy.

Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew.

New business represents premiums from policies written with new customers and additional policies written with existing customers.

Development-related items represents net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance.

Statutory capital and surplus represents the excess of an insurance company's admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices. Statutory capital and surplus as of the current period is preliminary.

The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk.

Reconciliation of GAAP Measures to Non-GAAP Measures

Management utilizes financial measures not in accordance with GAAP to monitor the Company's insurance operations and investment portfolio. The Company believes the presentation of these measures provides investors with a better understanding of the significant factors that comprise the Company's operating performance. Reconciliations of these measures to the most comparable GAAP measures follow below.

Reconciliation of Net Income (Loss) to Core Income (Loss)

Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of our primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding our defined benefit pension plans which are unrelated to our primary operations. Management monitors core income (loss) for each business segment to assess segment performance. Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure.

Results for the Three Months
Ended March 31

($ millions)

2026

2025

Net income

$            211

$            274

Less: Net investment losses

(14)

(7)

Core income

$            225

$            281

Reconciliation of Net Income (Loss) per Diluted Share to Core Income (Loss) per Diluted Share

Core income (loss) per diluted share provides management and investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core income (loss). Core income (loss) per diluted share is core income (loss) on a per diluted share basis.

Results for the Three Months
Ended March 31

2026

2025

Net income per diluted share

$           0.78

$           1.00

Less: Net investment losses

(0.05)

(0.03)

Core income per diluted share

$           0.83

$           1.03

Reconciliation of Net Income (Loss) to Underwriting Gain (Loss) and Underlying Underwriting Gain (Loss)

Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders' benefits, amortization of deferred acquisition costs and insurance related administrative expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities which are managed separately from our investing activities.

Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting results excluding catastrophe-related reinstatement premiums, catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities, excluding the impact of catastrophes, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance. The following tables present reconciliations of net income to core income, underwriting gain and underlying underwriting gain for our Property & Casualty Operations.

Results for the Three Months Ended March 31, 2026

Specialty

Commercial

International

Property &
Casualty

(In millions)

Net income

$            95

$          105

$            36

$          236

Net investment losses, after tax

4

7

1

12

Core income

$            99

$          112

$            37

$          248

Less:

Net investment income

142

190

43

375

Non-insurance warranty revenue (expense)

18

—

—

18

Other revenue (expense), including interest expense

(11)

(2)

(2)

(15)

Income tax expense on core income

(26)

(27)

(18)

(71)

Underwriting (loss) gain

(24)

(49)

14

(59)

Catastrophe-related reinstatement premiums

—

9

—

9

Catastrophe losses

—

84

4

88

Effect of unfavorable development-related items

50

56

—

106

Underlying underwriting gain

$            26

$          100

$            18

$          144

Results for the Three Months Ended March 31, 2025

Specialty

Commercial

International

Property &
Casualty

(In millions)

Net income

$          149

$          124

$            38

$          311

Net investment losses (gains), after tax

1

—

(1)

—

Core income

$          150

$          124

$            37

$          311

Less:

Net investment income

151

177

34

362

Non-insurance warranty revenue (expense)

12

—

—

12

Other revenue (expense), including interest expense

(14)

(2)

1

(15)

Income tax expense on core income

(41)

(34)

(13)

(88)

Underwriting gain (loss)

42

(17)

15

40

Catastrophe-related reinstatement premiums

—

—

—

—

Catastrophe losses

—

86

11

97

Effect of unfavorable development-related items

10

53

—

63

Underlying underwriting gain

$            52

$          122

$            26

$          200

Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI

Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attributable to the Company's business operations. The Company believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.

March 31, 2026

December 31,
2025

Book value per share

$          40.13

$          42.93

Less: Per share impact of AOCI

(4.99)

(4.06)

Book value per share excluding AOCI

$          45.12

$          46.99

Calculation of Return on Equity and Core Return on Equity

Core return on equity provides management and investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to its business operations.

Results for the Three Months
Ended March 31

($ millions)

2026

2025

Annualized net income

$          845

$        1,096

Average stockholders' equity including AOCI (a)

11,239

10,396

Return on equity

7.5

%

10.5

%

Annualized core income

$          901

$        1,125

Average stockholders' equity excluding AOCI (a)

12,462

12,284

Core return on equity

7.2

%

9.2

%

(a)

Average stockholders' equity is calculated using a simple average of the beginning and ending balances for the period.

For additional information, please refer to CNA's most recent 10-K on file with the Securities and Exchange Commission, as well as the financial supplement, available at cna.com.

Forward-Looking Statements

This press release includes statements that relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as "believes," "expects," "intends," "anticipates," "estimates" and similar expressions. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by CNA. For a detailed description of these risks and uncertainties, please refer to CNA's filings with the Securities and Exchange Commission, available at cna.com.

Any forward-looking statements made in this press release are made by CNA as of the date of this press release. Further, CNA does not have any obligation to update or revise any forward-looking statement contained in this press release, even if CNA's expectations or any related events, conditions or circumstances change.

Any descriptions of coverage under CNA policies or programs in this press release are provided for convenience only and are not to be relied upon with respect to questions of coverage, exclusions or limitations. With regard to all such matters, the terms and provisions of relevant insurance policies are primary and controlling. In addition, please note that all coverages may not be available in all states.

"CNA" is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the "CNA" trademark in connection with insurance underwriting and claims activities. Copyright © 2026 CNA. All rights reserved.

SOURCE CNA Financial

CNA Financial Corporation (CNA) Q1 2026 Earnings Call Prepared Remarks Transcript

Key Takeaways CNA posted Q1 core EPS of $0.83, missing estimates by 44.3% and falling 19.4% YoY.CNA underwriting income fell 28% as the combined ratio worsened to 102.2 on higher claims.CNA saw 2.2% revenue growth on premiums and investment income, while catastrophe losses eased. CNA Financial Corporation (CNA - Free Report) reported first-quarter 2026 core earnings of 83 cents per share, which missed the Zacks Consensus Estimate by 44.3%. The bottom line decreased 19.4% year over year.

The quarterly results of CNA reflected higher claims and expenses, a sharp deterioration in the combined ratio, which pressured underwriting income. These factors were partially offset by modest premium growth, improved investment income and decreased catastrophe losses.

Behind Q1 HeadlinesTotal operating revenues of CNA Financial were $3.3 billion, up 2.2% year over year, driven by higher premiums and net investment income. The top line missed the Zacks Consensus Estimate by 0.3%.

Net written premiums of Property & Casualty Operations increased 1% year over year to $2.7 billion. The new business grew 3% to $581 million.

Net investment income rose 1% year over year to $610 million. The increase was supported by higher fixed income returns, partly offset by weaker performance in limited partnerships and equities. Our estimate for net investment income was $640 million. The Zacks Consensus Estimate was pegged at $640.5 million.

Total claims, benefits and expenses increased 4% to $3.4 billion, primarily due to higher insurance claims and policyholders’ benefits, amortization of deferred acquisition costs, other operating expenses and interest expenses. Our estimate was $3.2 billion.

Catastrophe losses were $88 million, narrower than the loss of $96 million in the year-ago quarter. Underlying underwriting income declined 28% year over year to $144 million.  

The combined ratio deteriorated 380 basis points (bps) year over year to 102.2. The Zacks Consensus Estimate was pegged at 92.5, while our estimate was 92.5.

Q1 Segment ResultsSpecialty’s net written premiums decreased 1% year over year to $834 million. Our estimate was $875.5 million. The combined ratio deteriorated 760 bps to 102.7. The Zacks Consensus Estimate was pegged at 90.3.

Commercial’s net written premiums decreased 1% year over year to $1.5 billion. Our estimate was $1.5 billion. The combined ratio deteriorated 240 bps to 103.5. The Zacks Consensus Estimate was pegged at 94.2.

International’s net written premiums increased 16% year over year to $308 million. Our estimate was $254.4 million. The combined ratio deteriorated 50 bps to 95.9. The Zacks Consensus Estimate was pegged at 91.4.

Life & Group’s net earned premiums were $103 million, down 2.8% year over year. Our estimate was $101.8 million. The core loss was $9 million versus income of $6 million earned in the year-ago quarter. Core loss increased primarily due to unfavorable persistency experience.

Corporate & Others’ core loss of $17 million was narrower than the loss of $36 million incurred in the year-earlier quarter.

CNA’s Financial UpdateThe core return on equity contracted 200 bps year over year to 7.2%. Book value per share was $40.13, down 6.5% from the year-end 2025 level.

Statutory capital and surplus for the Combined Continental Casualty Companies were $11.1 billion, down 6.5% from the 2025-end level.

Net cash flow provided by operating activities decreased 38.4% to $393 million year over year.

CNA’s Dividend UpdateCNA Financial’s board of directors approved a quarterly dividend of 48 cents per share. The dividend will be paid out on June 4 to its shareholders of record as of May 18, 2026.

CNA’s Zacks RankCNA currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Some Other P&C InsurersThe Travelers Companies, Inc. (TRV - Free Report) reported first-quarter 2026 core income of $7.71 per share, which beat the Zacks Consensus Estimate by 10.5%. The bottom line surged fourfold year over year. Travelers’ total revenues remained flat from the year-ago quarter to $11.9 billion. The top-line figure, however, missed the Zacks Consensus Estimate by 3.7%.

Net written premiums increased 2% year over year to a record $10.3 billion, driven by strong growth across Business Insurance and Bond & Specialty Insurance segments. Net investment income increased 8.4% year over year to $1 billion. The figure matched the Zacks Consensus Estimate.

W.R. Berkley Corporation (WRB - Free Report) reported first-quarter 2026 operating income of $1.30 per share, which beat the Zacks Consensus Estimate by 15%. The bottom line increased 28.7% year over year.

Total revenues were $ 3.7 billion, up 5% year over year, driven by higher net premiums earned, improved net investment income, higher revenues from non-insurance businesses and increased other income. The top-line figure, however, missed the Zacks consensus Estimate by 0.28%. W.R. Berkley’s net premiums written were about $3.2 billion, up 1.3% year over year. The figure beat our estimate as well as the Zacks Consensus Estimate of $3.18 billion.

RLI Corp. (RLI - Free Report) reported first-quarter 2026 operating earnings of 83 cents per share, which missed the Zacks Consensus Estimate by 2.3%. The bottom line decreased 13.2% from the prior-year quarter.

Operating revenues for the reported quarter were $454 million, up 4.4% year over year, driven by higher net premiums earned and net investment income. The top-line figure beat the Zacks Consensus Estimate by 1%. Gross premiums written increased 3% year over year to $503.9 million, driven by strong growth in the casualty segment (up 10%). Our estimate was $523.9 million.

A month has gone by since the last earnings report for CNA Financial (CNA - Free Report) . Shares have lost about 5.1% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is CNA Financial due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for CNA Financial Corporation before we dive into how investors and analysts have reacted as of late.

CNA Financial Q1 Earnings Miss Estimates on Weak Underwriting Income

CNA Financial reported first-quarter 2026 core earnings of 83 cents per share, which missed the Zacks Consensus Estimate by 44.3%. The bottom line decreased 19.4% year over year.

The quarterly results of CNA reflected higher claims and expenses, a sharp deterioration in the combined ratio, which pressured underwriting income. These factors were partially offset by modest premium growth, improved investment income and decreased catastrophe losses.

Behind Q1 Headlines

Total operating revenues of CNA Financial were $3.3 billion, up 2.2% year over year, driven by higher premiums and net investment income. The top line missed the Zacks Consensus Estimate by 0.3%.

Net written premiums of Property & Casualty Operations increased 1% year over year to $2.7 billion. The new business grew 3% to $581 million.
Net investment income rose 1% year over year to $610 million. The increase was supported by higher fixed income returns, partly offset by weaker performance in limited partnerships and equities. Our estimate for net investment income was $640 million. The Zacks Consensus Estimate was pegged at $640.5 million.

Total claims, benefits and expenses increased 4% to $3.4 billion, primarily due to higher insurance claims and policyholders’ benefits, amortization of deferred acquisition costs, other operating expenses and interest expenses. Our estimate was $3.2 billion.

Catastrophe losses were $88 million, narrower than the loss of $96 million in the year-ago quarter. Underlying underwriting income declined 28% year over year to $144 million.

The combined ratio deteriorated 380 basis points (bps) year over year to 102.2. The Zacks Consensus Estimate was pegged at 92.5, while our estimate was 92.5.

Q1 Segment Results

Specialty’s net written premiums decreased 1% year over year to $834 million. Our estimate was $875.5 million. The combined ratio deteriorated 760 bps to 102.7. The Zacks Consensus Estimate was pegged at 90.3.

Commercial’s net written premiums decreased 1% year over year to $1.5 billion. Our estimate was $1.5 billion. The combined ratio deteriorated 240 bps to 103.5. The Zacks Consensus Estimate was pegged at 94.2.

International’s net written premiums increased 16% year over year to $308 million. Our estimate was $254.4 million. The combined ratio deteriorated 50 bps to 95.9. The Zacks Consensus Estimate was pegged at 91.4.

Life & Group’s net earned premiums were $103 million, down 2.8% year over year. Our estimate was $101.8 million. The core loss was $9 million versus income of $6 million earned in the year-ago quarter. Core loss increased primarily due to unfavorable persistency experience.

Corporate & Others’ core loss of $17 million was narrower than the loss of $36 million incurred in the year-earlier quarter.

CNA’s Financial Update

The core return on equity contracted 200 bps year over year to 7.2%. Book value per share was $40.13, down 6.5% from the year-end 2025 level.

Statutory capital and surplus for the Combined Continental Casualty Companies were $11.1 billion, down 6.5% from the 2025-end level.

Net cash flow provided by operating activities decreased 38.4% to $393 million year over year.

CNA’s Dividend Update

CNA Financial’s board of directors approved a quarterly dividend of 48 cents per share. The dividend will be paid out on June 4 to its shareholders of record as of May 18, 2026.

How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended downward during the past month.

The consensus estimate has shifted -11.77% due to these changes.

VGM ScoresAt this time, CNA Financial has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. However, the stock has a grade of B on the value side, putting it in the top 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. It's no surprise CNA Financial has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.

Performance of an Industry PlayerCNA Financial is part of the Zacks Insurance - Property and Casualty industry. Over the past month, RLI Corp. (RLI - Free Report) , a stock from the same industry, has gained 1.7%. The company reported its results for the quarter ended March 2026 more than a month ago.

RLI Corp. reported revenues of $453.71 million in the last reported quarter, representing a year-over-year change of +4.3%. EPS of $0.83 for the same period compares with $0.92 a year ago.

RLI Corp. is expected to post earnings of $0.70 per share for the current quarter, representing a year-over-year change of -16.7%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.7%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #4 (Sell) for RLI Corp.. Also, the stock has a VGM Score of C.