CNA FINANCIAL ANNOUNCES THIRD QUARTER 2026 NET INCOME OF $0.72 PER SHARE AND CORE INCOME OF $0.75 PER SHARE
Key Highlights
- ➤Net income $196 million, or $0.72 per share, versus $403 million prior-year
- ➤Core income $203 million, or $0.75 per share, versus $409 million prior-year
- ➤P&C combined ratio worsened to 97.0%, with $78 million catastrophe losses
- ➤Life & Group posted $171 million core loss after $137 million LTC impact
- ➤P&C net written premiums grew 3%, with renewal premium change of +3%
Expert Statements
Douglas M. Worman, Chairman & Chief Executive Officer of CNA Financial Corporation
“We delivered strong third quarter results with core income of $203 million reflecting disciplined growth, high-quality underwriting results and solid investment income, even with the unfavorable accounting impact from the annual LTC reserve assumption updates. The LTC assumption updates, coupled with recent fixed income duration extension trades, confirms our belief that the risk from this runoff block is contained. The P&C all-in combined ratio was 97.0% in the quarter, including 2.8 points of catastrophe impact and no impact from prior period development. Our underlying loss ratio of 64.1% was consistent with the first half of 2026 as we continue to maintain the conservative philosophy that underlies our loss picks and assumptions. Our underlying combined ratio of 94.2% includes an expense ratio of 29.7%. Net written premiums grew 3% in the quarter, with stable retention at 83% and modest growth in new business. While we continue to see opportunities for growth, there are areas across many portions of the portfolio where we chose to walk away given current market conditions do not support appropriate pricing, terms and conditions. Renewal premium change was up 3% while rate increase was 2%. Still-substantial rate increase in casualty lines impacted by social inflation and higher rate in our Specialty segment offset rate decreases in property, workers' compensation and our International segment. Looking ahead, we remain committed to deliberate portfolio management and profitable growth. As we move through the fourth quarter and into 2027, we will selectively deploy capacity where market conditions provide attractive risk adjusted returns, while maintaining the underwriting discipline to step back where they do not”
CNA FINANCIAL ANNOUNCES THIRD QUARTER 2026 NET INCOME OF $0.72 PER SHARE AND CORE INCOME OF $0.75 PER SHARE PR Newswire
* Net income of $196 million versus $403 million in the prior year quarter; core income of $203 million versus $409 million in the prior year quarter. * P&C core income of $397 million versus $456 million, reflects lower underlying underwriting results and higher catastrophe losses. * Life & Group core loss of $171 million versus $22 million in the prior year quarter, reflects an unfavorable after-tax impact of $137 million in 2026 from our annual long-term care reserve assumption updates. However, the unfavorable reserve assumption updates are almost entirely offset by a favorable economic impact from recent investment portfolio actions, the anticipated benefit of which is not reflected in current period earnings under GAAP accounting. * Corporate & Other core loss of $23 million versus $25 million in the prior year quarter. * Net investment income of $635 million, reflects a $23 million decrease from limited partnerships and common stock to $48 million and a $20 million increase from fixed income securities and other investments to $587 million. * P&C combined ratio of 97.0%, compared with 92.8% in the prior year quarter, including 2.8 points of catastrophe loss impact compared with 1.5 points in the prior year quarter. There was no net prior period development impact in the current or prior year quarters. * Catastrophe losses of $78 million pretax versus $41 million in the prior year quarter. * P&C underlying combined ratio was 94.2%, compared with 91.3% in the prior year quarter. P&C underlying loss ratio was 64.1%, up 2.2 points from the prior year quarter, and the expense ratio was 29.7%. Both the underlying loss ratio and the expense ratio were consistent with the first half of 2026. * P&C segments generated net written premium growth of 3% in the quarter. P&C renewal premium change of +3%, with written rate of +2%. * Book value per share of $37.80; book value per share excluding AOCI of $46.11, a 5% increase from year-end 2025 adjusting for $3.44 of dividends per share paid. * Board of Directors declares regular quarterly cash dividend of $0.48 per share. CHICAGO, Nov. 2, 2026 /PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) today announced third quarter 2026 net income of $196 million, or $0.72 per share, versus $403 million, or $1.48 per share, in the prior year quarter. Net investment losses for the quarter were $7 million compared to $6 million in the prior year quarter. Core income for the quarter was $203 million, or $0.75 per share, versus $409 million, or $1.50 per share, in the prior year quarter.
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