CNA FINANCIAL ANNOUNCES FIRST QUARTER 2026 NET INCOME OF $0.78 PER SHARE AND CORE INCOME OF $0.83 PER SHARE

Rhea-AI Summary

CNA (NYSE: CNA) reported Q1 2026 net income of $211 million, or $0.78 per share, and core income of $225 million, or $0.83 per share, down from $274 million and $281 million respectively a year earlier. P&C core income was $248 million; P&C combined ratio was 102.2% (underlying 94.5%). Net written premiums grew 1%; book value per share was $40.13 ($45.12 ex-AOCI). The board declared a $0.48 quarterly dividend payable June 4, 2026.

Positive

• Core income of $225 million in Q1 2026
• P&C net written premium growth of 1% year-over-year
• Net investment income of $610 million (up $6 million)
• International net written premiums up 16% year-over-year
• Quarterly dividend declared of $0.48 per share

Negative

• Net income declined to $211 million from $274 million year-over-year
• P&C combined ratio worsened to 102.2% (underlying combined 94.5%)
• Unfavorable net prior period development impact of 4.1 points on combined ratio
• Book value per share declined to $40.13 from $42.93 at year-end 2025

News Market Reaction – CNA

-7.95% 2.1x vol

49 alerts

-7.95% Session close to close

-6.3% Trough in 5 hr 51 min

$12.42B Market Cap

2.1x Rel. Volume

In the May 4 session, CNA declined 7.95%, reflecting a notable negative market reaction. Argus tracked a trough of -6.3% from its starting point during tracking. Our momentum scanner triggered 49 alerts that day, indicating elevated trading interest and price volatility. Trading volume was elevated at 2.1x the daily average, suggesting increased selling activity.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -8.0% in the session following this news. A negative reaction despite a still-solid ...

Analysis

The stock moved -8.0% in the session following this news. A negative reaction despite a still-solid balance sheet would fit prior patterns, where several strong earnings reports were followed by modest declines and an average move of about -0.12%. This quarter’s weaker net and core income and a P&C combined ratio of 102.2% versus 98.4% a year ago provide clear pressure points. Investors may weigh whether higher catastrophe and prior-period development impacts are temporary versus indicative of sustained underwriting headwinds.

Key Figures

Net income: $211 million vs $274 million Core income: $225 million vs $281 million Net income per share: $0.78 vs $1.00 +5 more

8 metrics

Net income $211 million vs $274 million Q1 2026 vs Q1 2025

Core income $225 million vs $281 million Q1 2026 vs Q1 2025

Net income per share $0.78 vs $1.00 Q1 2026 vs Q1 2025 diluted EPS

Core EPS $0.83 vs $1.03 Q1 2026 vs Q1 2025 diluted core EPS

Dividend per share $0.48 Regular quarterly cash dividend declared for June 4, 2026 payment

Book value per share $40.13 vs $42.93 March 31, 2026 vs December 31, 2025

Book value ex AOCI $45.12 vs $46.99 March 31, 2026 vs December 31, 2025; 1% increase adjusting for dividends

P&C combined ratio 102.2% vs 98.4% Q1 2026 vs Q1 2025; includes catastrophe and prior-year development impacts

Previous Earnings Reports

5 past events · Latest: Feb 09 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 09	Loews earnings	Positive	-1.4%	Parent Loews reported strong Q4 and full-year 2025 earnings and capital returns.
Nov 03	Q3 2025 earnings	Positive	-1.1%	Record core income, better P&C combined ratio and premium growth with dividend declared.
Aug 04	Q2 2025 earnings	Positive	+4.0%	Higher core income, stronger P&C performance, higher investment income and premium growth.
May 05	Q1 2025 earnings	Negative	-0.6%	Year-over-year declines in net and core income with a higher P&C combined ratio.
Nov 04	Q3 2024 earnings	Positive	-1.5%	Improved earnings, strong P&C growth and higher investment income with dividend increase.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings and related reports have often seen muted-to-negative price reactions, even when operational metrics were strong.

Recent Company History

Over the last several quarters, CNA and its parent Loews have frequently reported solid earnings, record core income and improving book value, yet shares often moved modestly or fell. Prior CNA updates highlighted strong P&C combined ratios, rising net investment income, premium growth and regular dividend increases. Today’s Q1 2026 release contrasts with that trend, showing lower net and core income and a higher P&C combined ratio versus Q1 2025, marking a softer quarter after a record 2025 while book value ex‑AOCI remains relatively strong.

Key Terms

core income, combined ratio, underlying combined ratio, underlying loss ratio, +4 more

8 terms

core income financial

"Net income of $211 million versus $274 million in the prior year quarter; core income of $225 million..."

Core income is a company's regular, recurring profit generated by its main business activities after stripping out one-time items, unusual gains or losses, and accounting quirks. Investors use it to judge the business’s sustainable earning power—like measuring a household’s steady paycheck rather than occasional bonuses—so it gives a clearer view of ongoing performance and helps compare companies over time.

combined ratio financial

"P&C combined ratio of 102.2%, compared with 98.4% in the prior year quarter..."

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

underlying combined ratio financial

"P&C underlying combined ratio was 94.5%, compared with 92.1% in the prior year quarter."

The underlying combined ratio is an insurer’s core underwriting profit measure: it compares claims paid plus operating costs to premiums earned, after removing one-off or unusual items (like major catastrophe losses, reserve adjustments or accounting timing effects). It matters to investors because it reveals the steady, repeatable strength of an insurer’s business—like a car’s average fuel efficiency when you ignore a single outlier trip—helping separate true performance from temporary noise.

underlying loss ratio financial

"P&C underlying loss ratio was 64.1% and the expense ratio was 29.9%."

Underlying loss ratio measures the core insurance losses for a period as a share of the premiums earned during that same period, while excluding one-off events like major disasters, large prior-year adjustments, or other unusual items. For investors it reveals the steady, day-to-day profitability of an insurer’s underwriting—like checking a car’s fuel efficiency after removing the effect of a single long trip—to see if the business is sustainably earning more in premiums than it pays out in claims.

net written premiums financial

"P&C segments generated net written premium growth of 1% in the quarter."

Net written premiums are the total value of insurance policies an insurer issues during a period, after subtracting the portion it passes on to reinsurers. It shows how much premium income the company is keeping to cover claims and run the business, so investors use it like a revenue-base gauge: rising net written premiums suggest growth or higher risk retention, while declines may signal more reinsurance or shrinking new sales.

AOCI financial

"Book value per share excluding AOCI of $45.12, a 1% increase from year-end 2025..."

Accumulated Other Comprehensive Income (AOCI) is a section of owners’ equity that records certain unrealized gains and losses that aren’t shown in the company’s regular profit and loss statement—things like currency translation shifts, changes in the value of certain investments, or pension plan adjustments. Think of it as a separate holding jar for value swings the company hasn’t cashed in yet; investors watch it because large or volatile balances can change reported net worth and signal future earnings or balance-sheet risk when those items are realized.

statutory capital and surplus financial

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

Statutory capital and surplus is the amount of money an insurer is required to report under regulatory rules that represents its financial cushion — the paid‑in funds plus retained profits and allowable reserves available to pay claims and absorb losses. For investors it matters because it shows whether an insurer meets legal solvency standards, can withstand unexpected losses, pay claims, support growth or dividends, and generally signals the firm’s financial safety much like a household emergency fund or a company’s rainy‑day savings.

limited partnership financial

"Limited partnership and common stock investments | 42 | | 54"

A limited partnership is a legal business structure with two types of partners: at least one general partner who runs the business and bears full legal responsibility, and one or more limited partners who contribute money, share profits, and have liability capped at their investment. For investors, it matters because it separates control from financial exposure — like putting money into a store without managing it — and affects how returns, risks, taxes and transferability of ownership are handled.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

• 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.

CHICAGO, May 4, 2026 /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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/cna-financial-announces-first-quarter-2026-net-income-of-0-78-per-share-and-core-income-of-0-83-per-share-302760456.html

SOURCE CNA Financial

FAQ

What did CNA (CNA) report for net income and core income in Q1 2026?

CNA reported Q1 2026 net income of $211 million ($0.78 per share) and core income of $225 million ($0.83 per share). According to the company, core income declined versus the prior year quarter due to underwriting and prior period development.

What drove CNA's P&C combined ratio of 102.2% in Q1 2026?

The combined ratio of 102.2% was driven by higher loss experience and prior period development totaling 4.1 points. According to the company, catastrophe impacts were 3.6 points and unfavorable prior development raised the loss ratio.

How did CNA's premiums and growth look in Q1 2026 for P&C and International?

P&C net written premiums grew 1% year-over-year while International net written premiums grew 16% year-over-year. According to the company, net earned premiums rose 3% overall, with differentiated growth by business unit.

What is CNA's dividend and payment date announced in May 2026?

CNA declared a quarterly cash dividend of $0.48 per share, payable June 4, 2026 to shareholders of record on May 18, 2026. According to the company, the dividend reflects the board's regular quarterly payout.

How did CNA's book value per share change as of March 31, 2026?

Book value per share was $40.13 and book value per share excluding AOCI was $45.12. According to the company, book value ex-AOCI rose 1% from year-end 2025 after adjusting for dividends paid.