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CNA Financial (NYSE: CNA) Q1 2026 earnings drop as combined ratio rises

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8-K

Rhea-AI Filing Summary

CNA Financial Corporation reported weaker results for the first quarter of 2026, with net income of $211 million, or $0.78 per share, down from $274 million, or $1.00 per share, a year earlier. Core income fell to $225 million, or $0.83 per share, compared with $281 million, or $1.03 per share.

Property & Casualty core income declined to $248 million as the P&C combined ratio deteriorated to 102.2% from 98.4%, reflecting higher underlying loss ratios and $106 million of unfavorable prior‑period development, mainly in excess casualty and professional E&O. Catastrophe losses were $97 million, similar to the prior year, while the P&C underlying combined ratio rose to 94.5% from 92.1%.

Net investment income edged up to $610 million, driven by higher fixed‑income income of $568 million, partially offset by lower limited partnership and equity returns of $42 million. Book value per share was $40.13, or $45.12 excluding AOCI, which increased 1% from year‑end 2025 after paying $2.48 in dividends per share. The Board declared a regular quarterly dividend of $0.48 per share, and statutory capital and surplus for the Combined Continental Casualty Companies stood at $11.1 billion.

Positive

  • Strong capital and dividends maintained: Book value per share excluding AOCI was $45.12, up 1% from year‑end 2025 after $2.48 of dividends per share, and statutory capital and surplus for the Combined Continental Casualty Companies was $11.1 billion, supporting a continued $0.48 per‑share quarterly dividend.

Negative

  • Material earnings and underwriting deterioration: Q1 2026 net income fell to $211 million from $274 million, while the P&C combined ratio worsened to 102.2% from 98.4%, driven by a higher underlying loss ratio and $106 million of unfavorable prior‑period development in excess casualty and professional E&O.

Insights

CNA’s Q1 2026 profit and underwriting metrics weakened despite stable investment income.

CNA delivered Q1 2026 core income of $225 million, down from $281 million, as the P&C combined ratio rose to 102.2%. The move back above 100% shows underwriting losses, with profitability reliant on net investment income of $610 million.

Management strengthened reserves in long‑tail lines, driving $106 million of unfavorable prior‑period development and lifting the P&C underlying loss ratio to 64.1%. Catastrophe losses of $97 million matched the prior year, so most pressure came from excess casualty and professional E&O rather than weather.

Capital metrics remain solid, with book value per share excluding AOCI at $45.12 and statutory surplus of $11.1 billion. A quarterly dividend of $0.48 per share underscores balance‑sheet strength, but the lower 7.2% core ROE versus 9.2% a year ago highlights reduced earnings power until underwriting improvements take hold.

Item 1.3 Item 1.3
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 2.5 Item 2.5
Item 3.8 Item 3.8
Item 4.0 Item 4.0
Item 4.1 Item 4.1
Item 5.9 Item 5.9
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income $211 million Q1 2026 vs $274 million in Q1 2025
Core income $225 million Q1 2026 vs $281 million in Q1 2025
P&C combined ratio 102.2% Q1 2026 vs 98.4% in Q1 2025
P&C underlying combined ratio 94.5% Q1 2026 vs 92.1% in Q1 2025
Net investment income $610 million Q1 2026, up from $604 million in Q1 2025
Catastrophe losses $97 million pretax Q1 2026, same as prior year quarter
Book value per share ex AOCI $45.12 March 31, 2026; 1% increase from year-end 2025 after dividends
Quarterly dividend $0.48 per share Regular cash dividend declared for Q1 2026
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.
core income financial
"Core income for the quarter was $225 million, or $0.83 per share"
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.
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.
statutory capital and surplus financial
"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.
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.
core return on equity financial
"Core return on equity 7.2 % 9.2 %"
Net income $211 million -23% vs Q1 2025
Core income $225 million -20% vs Q1 2025
Diluted EPS (net) $0.78 -22% vs Q1 2025
Diluted EPS (core) $0.83 -19% vs Q1 2025
P&C combined ratio 102.2% +3.8 pts vs Q1 2025
Net investment income $610 million +$6 million vs Q1 2025
Understanding 8-K Material Events →
0000021175falseCHXCommon Stock, Par value $2.50"CNA"00000211752026-05-042026-05-040000021175exch:XNYS2026-05-042026-05-040000021175exch:XCHI2026-05-042026-05-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 4, 2026

CNA FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)

Delaware1-582336-6169860
(State or other jurisdiction(Commission(IRS Employer
of incorporation)File Number)Identification No.)

151 N. Franklin
Chicago, IL 60606
(Address of principal executive offices) (Zip Code)
(312) 822-5000
(Registrant's telephone number, including area code)

NOT APPLICABLE
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par value $2.50"CNA"New York Stock Exchange
NYSE Texas
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On May 4, 2026, the registrant issued a press release and posted on its website (cna.com) a financial supplement, earnings presentation and earnings remarks providing information on its results of operations for the first quarter 2026. The press release is furnished as Exhibit 99.1, the financial supplement is furnished as Exhibit 99.2, the earnings presentation is furnished as Exhibit 99.3 and the earnings remarks are furnished as Exhibit 99.4 to this Form 8-K.
The information under Item 2.02 and in Exhibits 99.1, 99.2, 99.3 and 99.4 in this Current Report is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information under Item 2.02 and in Exhibits 99.1, 99.2, 99.3 and 99.4 in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits:
See Exhibit Index.




EXHIBIT INDEX

Exhibit No.Description
99.1
CNA Financial Corporation press release, issued May 4, 2026, providing information on the first quarter 2026 results of operations.
99.2
CNA Financial Corporation financial supplement, posted on its website May 4, 2026, providing supplemental financial information on the first quarter 2026.
99.3
CNA Financial Corporation earnings presentation, posted on its website May 4, 2026, providing information on the first quarter 2026 results of operations.
99.4
CNA Financial Corporation earnings remarks, posted on its website May 4, 2026, providing information on the first quarter 2026 results of operations.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CNA Financial Corporation
(Registrant)
Date:  May 4, 2026By/s/ Scott R. Lindquist
(Signature)
Scott R. Lindquist
Executive Vice President and
Chief Financial Officer




cnalogo_red.jpg

FOR IMMEDIATE RELEASE
CNA FINANCIAL ANNOUNCES FIRST QUARTER 2026
NET INCOME OF $0.78 PER SHARE AND CORE INCOME OF $0.83 PER SHARE
•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.

1





CHICAGO, May 4, 2026 --- 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)20262025
Net income$211 $274 
Core income (a)
225 281 
Net income per diluted share$0.78 $1.00 
Core income per diluted share0.83 1.03 
March 31, 2026December 31, 2025
Book value per share$40.13$42.93
Book value per share excluding AOCI45.1246.99
(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.

2





“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.
3





Property & Casualty Operations
Results for the Three Months Ended March 31
($ millions)20262025
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 ratio71.8 %67.8 %
Less: Effect of catastrophe impacts3.6 3.8 
Less: Effect of unfavorable development-related items4.1 2.5 
Underlying loss ratio64.1 %61.5 %
Expense ratio29.9 %30.2 %
Combined ratio102.2 %98.4 %
Underlying combined ratio94.5 %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.


4





Business Operating Highlights
Specialty
Results for the Three Months Ended March 31
($ millions)20262025
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 ratio68.7 %61.4 %
Less: Effect of catastrophe impacts— — 
Less: Effect of unfavorable development-related items5.9 1.3 
Underlying loss ratio62.8 %60.1 %
Expense ratio33.6 %33.4 %
Combined ratio102.7 %95.1 %
Underlying combined ratio96.8 %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.
5





Commercial
Results for the Three Months Ended March 31
($ millions)20262025
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 ratio76.2 %73.0 %
Less: Effect of catastrophe impacts6.4 6.3 
Less: Effect of unfavorable development-related items4.0 3.8 
Underlying loss ratio65.8 %62.9 %
Expense ratio26.7 %27.6 %
Combined ratio103.5 %101.1 %
Underlying combined ratio93.1 %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.

6





International
Results for the Three Months Ended March 31
($ millions)20262025
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 ratio61.0 %62.1 %
Less: Effect of catastrophe impacts1.2 3.6 
Less: Effect of (favorable) unfavorable development-related items— — 
Underlying loss ratio59.8 %58.5 %
Expense ratio34.9 %33.3 %
Combined ratio95.9 %95.4 %
Underlying combined ratio94.7 %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.
7





Life & Group
Results for the Three Months Ended March 31
($ millions)20262025
Net earned premiums$103 $106 
Claims, benefits and expenses344 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)20262025
Insurance claims and policyholders' benefits$(17)$9 
Interest expense33 32 
Net investment income11 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
20262025
Fixed income securities and other$568 $550 
Limited partnership and common stock investments42 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.
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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
872-817-0350312-822-3834
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.
9





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)20262025
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
20262025
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 
10





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
SpecialtyCommercial International Property & Casualty
(In millions)
Net income $95 $105 $36 $236 
Net investment losses, after tax4 7 1 12 
Core income $99 $112 $37 $248 
Less:
Net investment income142 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 items50 56 — 106 
Underlying underwriting gain$26 $100 $18 $144 
Results for the Three Months Ended March 31, 2025
SpecialtyCommercial International Property & Casualty
(In millions)
Net income$149 $124 $38 $311 
Net investment losses (gains), after tax1 — (1)— 
Core income$150 $124 $37 $311 
Less:
Net investment income151 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 items10 53 — 63 
Underlying underwriting gain$52 $122 $26 $200 



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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, 2026December 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)20262025
Annualized net income$845 $1,096 
Average stockholders' equity including AOCI (a)
11,239 10,396 
Return on equity7.5 %10.5 %
Annualized core income$901 $1,125 
Average stockholders' equity excluding AOCI (a)
12,462 12,284 
Core return on equity7.2 %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.

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CNA Financial Corporation Supplemental Financial Information March 31, 2026 This report is for informational purposes only and includes consolidated financial statements and financial exhibits that are unaudited. This report should be read in conjunction with documents filed with the U.S. Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

 

Table of Contents Consolidated Results Statements of Operations 1 Components of Income (Loss), Per Share Data and Return on Equity 2 Selected Balance Sheet Data and Statements of Cash Flows Data 3 Results of Operations Property & Casualty 4 Specialty 5 Commercial 6 International 7 Life & Group 8 Corporate & Other 9 Investment Information Investment Summary - Consolidated 10 Investment Summary - Property & Casualty and Corporate & Other 11 Investment Summary - Life & Group 12 Investments - Fixed Maturity Securities by Credit Rating 13 Components of Net Investment Income 14 Net Investment Gains (Losses) 15 Other Claim & Claim Adjustment Expense Reserve Rollforward 16 Life & Group Policyholder Reserves 17 Definitions and Presentation 18 Page

 

Statements of Operations Three months ended March 31 (In millions) 2026 2025 Change Revenues: Net earned premiums $ 2,701 $ 2,626 3 % Net investment income 610 604 1 Net investment (losses) gains (18) (9) Non-insurance warranty revenue 374 397 Other revenues 10 9 Total revenues 3,677 3,627 1 Claims, Benefits and Expenses: Insurance claims and policyholders’ benefits (re-measurement loss of $19 and $8) 2,175 2,027 Amortization of deferred acquisition costs 476 471 Non-insurance warranty expense 356 385 Other operating expenses 370 363 Interest expense 33 32 Total claims, benefits and expenses 3,410 3,278 (4) Income (loss) before income tax 267 349 Income tax (expense) benefit (56) (75) Net income (loss) $ 211 $ 274 (23) % 1

 

Components of Income (Loss), Per Share Data and Return on Equity Three months ended March 31 (In millions, except per share data) 2026 2025 Components of Income (Loss) Core income (loss) $ 225 $ 281 Net investment gains (losses) (14) (7) Net income (loss) $ 211 $ 274 Diluted Earnings (Loss) Per Common Share Core income (loss) $ 0.83 $ 1.03 Net investment gains (losses) (0.05) (0.03) Diluted earnings (loss) per share $ 0.78 $ 1.00 Weighted Average Outstanding Common Stock and Common Stock Equivalents Basic 271.1 271.3 Diluted 272.3 272.6 Return on Equity Net income (loss) (1) 7.5 % 10.5 % Core income (loss) (2) 7.2 9.2 (1) Annualized net income (loss) divided by the average stockholders' equity including accumulated other comprehensive income (loss) (AOCI) for the period. Average equity including AOCI is calculated using a simple average of the beginning and ending balances for the period. (2) Annualized core income (loss) divided by the average stockholders' equity excluding AOCI for the period. Average equity excluding AOCI is calculated using a simple average of the beginning and ending balances for the period. 2

 

Selected Balance Sheet Data and Statements of Cash Flows Data (In millions, except per share data) March 31, 2026 December 31, 2025 Total investments $ 49,502 $ 50,447 Reinsurance receivables, net of allowance for uncollectible receivables 6,387 6,381 Total assets 68,559 69,443 Insurance reserves 47,774 47,682 Claim and claim adjustment expenses 26,933 26,599 Unearned premiums 7,646 7,635 Future policy benefits 13,195 13,448 Debt 2,972 2,971 Total liabilities 57,702 57,822 Accumulated other comprehensive income (loss) (1) (1,349) (1,098) Total stockholders' equity 10,857 11,621 Book value per common share $ 40.13 $ 42.93 Book value per common share excluding AOCI $ 45.12 $ 46.99 Outstanding shares of common stock (in millions of shares) 270.5 270.7 Statutory capital and surplus - Combined Continental Casualty Companies (2) $ 11,052 $ 11,578 Three Months Ended March 31 2026 2025 Net cash flows provided (used) by operating activities $ 393 $ 638 Net cash flows provided (used) by investing activities 444 88 Net cash flows provided (used) by financing activities (736) (722) Net cash flows provided (used) by operating, investing and financing activities $ 101 $ 4 (1) As of March 31, 2026 and December 31, 2025, AOCI included after-tax cumulative impacts of changes in discount rates used to measure long duration contracts of $406 million and $192 million. (2) Statutory capital and surplus as of March 31, 2026 is preliminary. 3

 

Property & Casualty - Results of Operations Three months ended March 31 (In millions) 2026 2025 Change Gross written premiums $ 3,733 $ 3,898 (4) % Gross written premiums ex. warranty captives 3,219 $ 3,214 — Net written premiums 2,622 2,606 1 Net earned premiums 2,598 2,520 3 Insurance claims and policyholders' benefits 1,878 1,718 Amortization of deferred acquisition costs 476 471 Insurance related administrative expenses 303 291 Underwriting gain (loss) (59) 40 N/M Net investment income 375 362 4 Non-insurance warranty revenue 374 397 Other revenues 10 9 Non-insurance warranty expense 356 385 Other expenses 25 24 Interest expense — — Core income (loss) before income tax 319 399 Income tax (expense) benefit on core income (loss) (71) (88) Core income (loss) $ 248 $ 311 (20) % Other Performance Metrics Underwriting gain (loss) $ (59) $ 40 N/M % Catastrophe-related reinstatement premiums 9 — Catastrophe losses 88 97 (Favorable) unfavorable net prior year loss reserve development 100 61 (Favorable) unfavorable other development-related items (1) 6 2 Effect of (favorable) unfavorable development-related items 106 63 Underlying underwriting gain (loss) $ 144 $ 200 (28) % Loss & LAE ratio 71.8 % 67.8 % (4.0) pts Expense ratio 29.9 30.2 0.3 Dividend ratio 0.5 0.4 (0.1) Combined ratio 102.2 % 98.4 % (3.8) pts Less: Effect of catastrophe impacts 3.6 3.8 0.2 Less: Effect of (favorable) unfavorable development-related items 4.1 2.5 (1.6) Underlying combined ratio 94.5 % 92.1 % (2.4) pts Rate 2 % 4 % (2) pts Renewal premium change 3 % 6 % (3) pts Retention 83 % 86 % (3) pts New business $ 581 $ 565 3 % (1) Other development-related items represent net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 4

 

Specialty - Results of Operations Three months ended March 31 (In millions) 2026 2025 Change Gross written premiums $ 1,508 $ 1,672 (10) % Gross written premiums ex. warranty captives 994 989 1 Net written premiums 834 842 (1) Net earned premiums 852 830 3 Insurance claims and policyholders' benefits 590 511 Amortization of deferred acquisition costs 197 189 Insurance related administrative expenses 89 88 Underwriting gain (loss) (24) 42 (157) Net investment income 142 151 (6) Non-insurance warranty revenue 374 397 Other revenues 1 1 Non-insurance warranty expense 356 385 Other expenses 12 15 Interest expense — — Core income (loss) before income tax 125 191 Income tax (expense) benefit on core income (loss) (26) (41) Core income (loss) $ 99 $ 150 (34) % Other Performance Metrics Underwriting gain (loss) $ (24) $ 42 (157) % Catastrophe losses — — (Favorable) unfavorable net prior year loss reserve development 45 10 (Favorable) unfavorable other development-related items (1) 5 — Effect of (favorable) unfavorable development-related items 50 10 Underlying underwriting gain (loss) $ 26 $ 52 (50) % Loss & LAE ratio 68.7 % 61.4 % (7.3) pts Expense ratio 33.6 33.4 (0.2) Dividend ratio 0.4 0.3 (0.1) Combined ratio 102.7 % 95.1 % (7.6) pts Less: Effect of catastrophe impacts — — — Less: Effect of (favorable) unfavorable development-related items 5.9 1.3 (4.6) Underlying combined ratio 96.8 % 93.8 % (3.0) pts Rate 3 % 3 % — pts Renewal premium change 5 % 4 % 1 pts Retention 86 % 89 % (3) pts New business $ 127 $ 112 13 % (1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 5

 

Commercial - Results of Operations Three months ended March 31 (In millions) 2026 2025 Change Gross written premiums $ 1,828 $ 1,853 (1) % Net written premiums 1,480 1,498 (1) Net earned premiums 1,412 1,380 2 Insurance claims and policyholders' benefits 1,084 1,015 Amortization of deferred acquisition costs 206 219 Insurance related administrative expenses 171 163 Underwriting gain (loss) (49) (17) (188) Net investment income 190 177 7 Other revenues 9 8 Other expenses 11 10 Core income (loss) before income tax 139 158 Income tax (expense) benefit on core income (loss) (27) (34) Core income (loss) $ 112 $ 124 (10) % Other Performance Metrics Underwriting gain (loss) $ (49) $ (17) (188) % Catastrophe-related reinstatement premiums 9 — Catastrophe losses 84 86 (Favorable) unfavorable net prior year loss reserve development 55 51 (Favorable) unfavorable other development-related items (1) 1 2 Effect of (favorable) unfavorable development-related items 56 53 Underlying underwriting gain (loss) $ 100 $ 122 (18) % Loss & LAE ratio 76.2 % 73.0 % (3.2) pts Expense ratio 26.7 27.6 0.9 Dividend ratio 0.6 0.5 (0.1) Combined ratio 103.5 % 101.1 % (2.4) pts Less: Effect of catastrophe impacts 6.4 6.3 (0.1) Less: Effect of (favorable) unfavorable development-related items 4.0 3.8 (0.2) Underlying combined ratio 93.1 % 91.0 % (2.1) pts Rate 2 % 6 % (4) pts Renewal premium change 3 % 7 % (4) pts Retention 81 % 84 % (3) pts New business $ 369 $ 370 — % (1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 6

 

International - Results of Operations Three months ended March 31 (In millions) 2026 2025 Change Gross written premiums $ 397 $ 373 6 % Net written premiums 308 266 16 Net earned premiums 334 310 8 Insurance claims and policyholders' benefits 204 192 Amortization of deferred acquisition costs 73 63 Insurance related administrative expenses 43 40 Underwriting gain (loss) 14 15 (7) Net investment income 43 34 26 Other revenues — — Other expenses 2 (1) Core income (loss) before income tax 55 50 Income tax (expense) benefit on core income (loss) (18) (13) Core income (loss) $ 37 $ 37 — % Other Performance Metrics Underwriting gain (loss) $ 14 $ 15 (7) % Catastrophe losses 4 11 (Favorable) unfavorable net prior year loss reserve development — — (Favorable) unfavorable other development-related items (1) — — Effect of (favorable) unfavorable development-related items — — Underlying underwriting gain (loss) $ 18 $ 26 (31) % Loss & LAE ratio 61.0 % 62.1 % 1.1 pts Expense ratio 34.9 33.3 (1.6) Dividend ratio — — — Combined ratio 95.9 % 95.4 % (0.5) pts Less: Effect of catastrophe impacts 1.2 3.6 2.4 Less: Effect of (favorable) unfavorable development-related items — — — Underlying combined ratio 94.7 % 91.8 % (2.9) pts Rate (4) % (2) % (2) pts Renewal premium change (2) % 1 % (3) pts Retention 85 % 85 % — pts New business $ 85 $ 83 2 % (1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 7

 

Life & Group - Results of Operations Three months ended March 31 (In millions) 2026 2025 Net earned premiums $ 103 $ 106 Net investment income 224 226 Other revenues — — Total operating revenues 327 332 Insurance claims and policyholders' benefits 314 300 Insurance related administrative expenses 29 30 Other expenses 1 — Total claims, benefits and expenses 344 330 Core income (loss) before income tax (17) 2 Income tax (expense) benefit on core income (loss) 8 4 Core income (loss) $ (9) $ 6 8

 

Corporate & Other - Results of Operations Three months ended March 31 (In millions) 2026 2025 Net earned premiums $ — $ — Net investment income 11 16 Other revenues — — Total operating revenues 11 16 Insurance claims and policyholders' benefits (17) 9 Insurance related administrative expenses — — Interest expense 33 32 Other expenses 12 18 Total claims, benefits and expenses 28 59 Core income (loss) before income tax (17) (43) Income tax (expense) benefit on core income (loss) 3 7 Core income (loss) $ (14) $ (36) 9

 

Investment Summary - Consolidated March 31, 2026 December 31, 2025 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 25,001 $ (592) $ 25,257 $ (199) States, municipalities and political subdivisions: Tax-exempt 4,665 (83) 4,545 (6) Taxable 3,907 (455) 3,886 (433) Total states, municipalities and political subdivisions 8,572 (538) 8,431 (439) Asset-backed: RMBS 3,700 (335) 3,695 (316) CMBS 1,459 (68) 1,483 (62) Other ABS 3,499 (200) 3,543 (166) Total asset-backed 8,658 (603) 8,721 (544) U.S. Treasury and obligations of government-sponsored enterprises 242 (2) 234 (2) Foreign government 749 (20) 751 (13) Redeemable preferred stock 8 — 8 — Total fixed maturity securities 43,230 (1,755) 43,402 (1,197) Equities: Common stock 247 — 237 — Non-redeemable preferred stock 538 — 532 — Total equities 785 — 769 — Limited partnership investments: Hedge funds 314 — 336 — Private equity funds 2,509 — 2,436 — Total limited partnership investments 2,823 — 2,772 — Other invested assets 110 — 105 — Mortgage loans 1,055 — 1,079 — Short-term investments 1,499 — 2,320 — Total investments $ 49,502 $ (1,755) $ 50,447 $ (1,197) Net receivable/(payable) on investment activity $ (112) $ 46 Effective duration (in years) 6.3 6.3 Weighted average rating (1) A A RMBS - Residential mortgage-backed securities CMBS - Commercial mortgage-backed securities Other ABS - Other asset-backed securities (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 10

 

Investment Summary - Property & Casualty and Corporate & Other March 31, 2026 December 31, 2025 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 14,177 $ (316) $ 14,244 $ (143) States, municipalities and political subdivisions: Tax-exempt 2,497 (172) 2,360 (137) Taxable 2,569 (363) 2,523 (354) Total states, municipalities and political subdivisions 5,066 (535) 4,883 (491) Asset-backed: RMBS 3,698 (335) 3,693 (316) CMBS 1,443 (66) 1,467 (61) Other ABS 2,967 (87) 2,992 (62) Total asset-backed 8,108 (488) 8,152 (439) U.S. Treasury and obligations of government-sponsored enterprises 233 (2) 225 (2) Foreign government 703 (11) 704 (6) Redeemable preferred stock 8 — 8 — Total fixed maturity securities 28,295 (1,352) 28,216 (1,081) Equities: Common stock 247 — 237 — Non-redeemable preferred stock 213 — 205 — Total equities 460 — 442 — Limited partnership investments: Hedge funds 278 — 298 — Private equity funds 2,227 — 2,162 — Total limited partnership investments 2,505 — 2,460 — Other invested assets 110 — 105 — Mortgage loans 878 — 907 — Short-term investments 1,473 — 2,252 — Total investments $ 33,721 $ (1,352) $ 34,382 $ (1,081) Net receivable/(payable) on investment activity $ (97) $ 43 Effective duration (in years) 4.6 4.5 Weighted average rating (1) A A+ (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 11

 

Investment Summary - Life & Group March 31, 2026 December 31, 2025 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 10,824 $ (276) $ 11,013 $ (56) States, municipalities and political subdivisions: Tax-exempt 2,168 89 2,185 131 Taxable 1,338 (92) 1,363 (79) Total states, municipalities and political subdivisions 3,506 (3) 3,548 52 Asset-backed: RMBS 2 — 2 — CMBS 16 (2) 16 (1) Other ABS 532 (113) 551 (104) Total asset-backed 550 (115) 569 (105) U.S. Treasury and obligations of government-sponsored enterprises 9 — 9 — Foreign government 46 (9) 47 (7) Redeemable preferred stock — — — — Total fixed maturity securities 14,935 (403) 15,186 (116) Equities: Common stock — — — — Non-redeemable preferred stock 325 — 327 — Total equities 325 — 327 — Limited partnership investments: Hedge funds 36 — 38 — Private equity funds 282 — 274 — Total limited partnership investments 318 — 312 — Other invested assets — — — — Mortgage loans 177 — 172 — Short-term investments 26 — 68 — Total investments $ 15,781 $ (403) $ 16,065 $ (116) Net receivable/(payable) on investment activity $ (15) $ 3 Effective duration (in years) 9.5 9.7 Weighted average rating (1) A- A- (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 12

 

Investments - Fixed Maturity Securities by Credit Rating March 31, 2026 U.S. Government, Government agencies and Government-sponsored enterprises AAA AA A BBB Non-investment grade Total (In millions) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Corporate and other bonds $ — $ — $ 8 $ (1) $ 853 $ (27) $ 8,146 $ (155) $ 14,476 $ (369) $ 1,518 $ (40) $ 25,001 $ (592) States, municipalities and political subdivisions — — 2,221 (54) 5,041 (375) 1,086 (60) 206 (42) 18 (7) 8,572 (538) Asset-backed: RMBS 2,999 (240) 625 (98) 8 — — — 61 — 7 3 3,700 (335) CMBS — — 542 (6) 565 (29) 242 (12) 91 (7) 19 (14) 1,459 (68) Other ABS — — 475 (16) 296 (78) 1,519 (43) 1,026 (38) 183 (25) 3,499 (200) Total asset-backed 2,999 (240) 1,642 (120) 869 (107) 1,761 (55) 1,178 (45) 209 (36) 8,658 (603) U.S. Treasury and obligations of government-sponsored enterprises 242 (2) — — — — — — — — — — 242 (2) Foreign government — — 186 (1) 362 (5) 95 (8) 106 (6) — — 749 (20) Redeemable preferred stock — — — — — — — — 8 — — — 8 — Total fixed maturity securities $ 3,241 $ (242) $ 4,057 $ (176) $ 7,125 $ (514) $ 11,088 $ (278) $ 15,974 $ (462) $ 1,745 $ (83) $ 43,230 $ (1,755) Percentage of total fixed maturity securities 7 % 9 % 16 % 27 % 37 % 4 % 100 % 13

 

Components of Net Investment Income Three months ended March 31 Consolidated (In millions) 2026 2025 Taxable fixed income securities $ 500 $ 496 Tax-exempt fixed income securities 52 34 Total fixed income securities 552 530 Common stock (13) (2) Limited partnerships - hedge funds (4) 8 Limited partnerships - private equity funds 59 48 Total limited partnership and common stock investments 42 54 Other, net of investment expense 16 20 Net investment income $ 610 $ 604 Effective income yield for fixed income securities portfolio 4.9 % 4.8 % Limited partnership and common stock return for the period 1.4 2.0 Property & Casualty and Corporate & OtherThree months ended March 31 (In millions) 2026 2025 Taxable fixed income securities $ 303 $ 304 Tax-exempt fixed income securities 26 9 Total fixed income securities 329 313 Common stock (13) (2) Limited partnerships - hedge funds (3) 6 Limited partnerships - private equity funds 52 37 Total limited partnership and common stock investments 36 41 Other, net of investment expense 21 24 Net investment income $ 386 $ 378 Effective income yield for fixed income securities portfolio 4.4 % 4.3 % Three months ended March 31 Life & Group (In millions) 2026 2025 Taxable fixed income securities $ 197 $ 192 Tax-exempt fixed income securities 26 25 Total fixed income securities 223 217 Common stock — — Limited partnerships - hedge funds (1) 2 Limited partnerships - private equity funds 7 11 Total limited partnership and common stock investments 6 13 Other, net of investment expense (5) (4) Net investment income $ 224 $ 226 Effective income yield for fixed income securities portfolio 5.7 % 5.7 % 14

 

Net Investment Gains (Losses) Three months ended March 31 Consolidated (In millions) 2026 2025 Fixed maturity securities: Corporate and other bonds $ (7) $ (9) States, municipalities and political subdivisions (1) (1) Asset-backed (6) 1 Total fixed maturity securities (14) (9) Non-redeemable preferred stock (4) — Net investment gains (losses) (18) (9) Income tax benefit (expense) on net investment gains (losses) 4 2 Net investment gains (losses), after tax $ (14) $ (7) 15

 

Claim & Claim Adjustment Expense Reserve Rollforward Three months ended March 31, 2026 (In millions) Specialty Commercial International P&C Operations Life & Group Corporate & Other Total Operations Claim & claim adjustment expense reserves, beginning of period Gross $ 7,784 $ 12,249 $ 3,376 $ 23,409 $ 591 $ 2,599 $ 26,599 Ceded 1,596 1,553 535 3,684 56 2,242 5,982 Net 6,188 10,696 2,841 19,725 535 357 20,617 Net incurred claim & claim adjustment expenses 581 1,076 204 1,861 9 5 1,875 Net claim & claim adjustment expense payments (491) (786) (162) (1,439) (12) (26) (1,477) Foreign currency translation adjustment and other — (1) (40) (41) (9) — (50) Claim & claim adjustment expense reserves, end of period Net 6,278 10,985 2,843 20,106 523 336 20,965 Ceded 1,507 1,683 553 3,743 55 2,170 5,968 Gross $ 7,785 $ 12,668 $ 3,396 $ 23,849 $ 578 $ 2,506 $ 26,933 16

 

Life & Group Policyholder Reserves March 31, 2026 (In millions) Claim and claim adjustment expenses Future policy benefits Total Beginning of Period $ 535 $ 13,448 $ 13,983 Incurred claims and policyholders' benefits (1) 9 303 312 Benefit and expense payments (12) (285) (297) Change in discount rate assumptions and other (AOCI) (9) (271) (280) End of Period $ 523 $ 13,195 $ 13,718 December 31, 2025 (In millions) Claim and claim adjustment expenses Future policy benefits Total Beginning of Period $ 541 $ 13,158 $ 13,699 Incurred claims and policyholders' benefits (1) 34 1,252 1,286 Benefit and expense payments (44) (1,165) (1,209) Change in discount rate assumptions and other (AOCI) 4 203 207 End of Period $ 535 $ 13,448 $ 13,983 (1) Incurred claims and policyholders' benefits above does not agree to Net incurred claims and benefits as reflected in Note J to the Condensed Consolidated Financial Statements included under Part I, Item 1 of the Quarterly Report on Form 10-Q due to the timing of benefit and expense cash flows in determining Future Policy Benefit reserves, along with the allowable expenses in the reserve. 17

 

Definitions and Presentation • Collectively, CNA Financial Corporation (CNAF) and its subsidiaries are referred to as CNA or the Company. • P&C Operations includes Specialty, Commercial and International. • Life & Group segment 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 segment 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 certain legacy mass tort reserves. • Management uses the core income (loss) financial measure to monitor the Company’s operations for the Specialty, Commercial and International segments. 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 and management believes some investors may find this measure useful to evaluate the Company's primary operations. Please refer to Note J to the Consolidated Financial Statements within the March 31, 2026 Form 10-K for further discussion regarding how the Company manages its business. • In evaluating the results of the Specialty, Commercial and International segments, management uses the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. 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. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The 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. In addition, management also utilizes renewal premium change, rate, retention and new business in evaluating operating trends. 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. • Management uses underwriting gain (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor our insurance operations. 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 other insurance related expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, 18

 

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 gain (loss) 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. • This financial supplement may also reference or contain financial measures utilized to monitor the Company's investment portfolio that are not in accordance with GAAP. 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. • For reconciliations of non-GAAP measures to the most comparable GAAP measures and other information, please refer herein and/or to CNA's filings with the Securities and Exchange Commission, available at cna.com. • Gross written premiums ex. warranty captives represents gross written premiums excluding warranty business that is ceded to third-party captives, which primarily consists of insurance policies supporting service contracts for portable electronics and vehicles. • 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. • Net investment income from fixed income securities, as presented, includes both fixed maturity securities and non-redeemable preferred stock. • Certain immaterial differences are due to rounding. • N/M = Not Meaningful 19

 

CNA Financial Corporation First Quarter 2026 Results May 4, 2026

 

Notices and Disclaimers Forward Looking Statements The statements made in the course of this presentation and/or contained in the presentation materials may include 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 and other financial information contained in this presentation speak only as of the date hereof. Further, CNA does not have any obligation to update or revise any forward-looking statement made in the course of this presentation and/or contained in the presentation materials even if CNA’s expectations or any related events, conditions or circumstances change. Reconciliation of GAAP Measures to Non-GAAP Measures This earnings presentation contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America (GAAP). Management utilizes these financial measures 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 can be found in the Appendix to this presentation. For additional information, please refer to CNA's filings with the Securities and Exchange Commission, available at cna.com Available Information and Risk Factors CNA files annual, quarterly and current reports and other information with the SEC. The SEC filings are available on the CNA website (cna.com) and at the SEC's website (sec.gov). These filings describe some of the more material risks we face and how these risks could lead to events or circumstances that may have a material adverse effect on our business, financial condition, results of operations or cash flows. You should review these filings as they contain important information about CNA and its business. "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. 2

 

First Quarter Overview • 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 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. 3

 

Financial Performance 4 (In millions, except ratios and per share data) First Quarter 2026 2025 Change Revenues $3,677 $3,627 1 % Core income 225 281 (20) % Net income 211 274 (23) % Diluted earnings per common share: Core income $0.83 $1.03 (19) % Net income 0.78 1.00 (22) % Core ROE 7.2 % 9.2 % (2.0) pts Prudent actions taken in the quarter to strengthen reserves

 

Results reflect actions to increase reserves in current and recent prior accident years on certain long-tail lines, with improvement in expense ratio Property & Casualty Operations 5 (In millions, except ratios) First Quarter 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 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 %

 

Property & Casualty Production Metrics Continued disciplined and nuanced execution across the portfolio 6 Property & Casualty Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 4% 3% 3% 2% 2% 6% 5% 4% 4% 3% 86% 83% 81% 84% 83% Retention Renewal Premium Change Rate GWP ex. warranty captives ($M) $3,214 $3,518 $2,941 $3,309 $3,219 New Business ($M) $565 $645 $549 $589 $581 Specialty Rate 3% 3% 3% 3% 3% Retention 89% 86% 86% 85% 86% Commercial Rate 6% 5% 5% 3% 2% Retention 84% 81% 79% 82% 81% International Rate (2)% (4)% (6)% (5)% (4)% Retention 85% 86% 83% 88% 85%

 

Results reflect reserve strengthening in current and recent prior accident years on certain long-tail lines Specialty 7 (In millions, except ratios) First Quarter 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 %

 

Specialty Production Metrics Stable retention and rate with renewal premium change up one point, and new business up 13% from the prior year 8 Specialty Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 4% 4% 4% 4% 5% 89% 86% 86% 85% 86%Retention Renewal Premium Change Rate GWP ex. warranty captives ($M) $989 $1,016 $1,051 $1,074 $994 New Business ($M) $112 $122 $131 $122 $127 FI & Mgmt Liability Rate (1)% 1% (1)% —% 1% Retention 89% 84% 86% 84% 88% Affinity Professional E&O Rate 2% 3% 2% 3% 3% Retention 93% 92% 88% 89% 86% Medical Malpractice Rate 7% 8% 9% 8% 8% Retention 85% 85% 83% 82% 82% Surety Net Written Premiums $204 $182 $193 $164 $185 Warranty & Alt. Risks Revenues $445 $446 $439 $434 $417 3%3% 3% 3% 3%

 

Commercial 9 (In millions, except ratios) First Quarter 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 % Results reflect actions to increase reserves on current and recent prior accident years, predominantly in excess casualty, partially offset by a lower expense ratio

 

Commercial Production Metrics 10 Commercial Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 6% 5% 5% 3% 2% 7% 6% 6% 5% 3% 84% 81% 79% 82% 81% Retention Renewal Premium Change Rate Gross Written Premiums ($M) $1,853 $2,065 $1,569 $1,846 $1,828 New Business ($M) $370 $420 $324 $377 $369 Middle Market Rate 4% 4% 3% 1% 1% Retention 84% 81% 79% 85% 84% Construction Rate 9% 10% 8% 8% 8% Retention 82% 81% 73% 79% 79% National Accounts Rate 5% —% 2% 1% (4)% Retention 88% 83% 86% 84% 81% Small Business Rate 5% 4% 5% 6% 5% Retention 82% 80% 76% 75% 76% Marine / Other Net Written Premiums $111 $115 $112 $124 $116 Continued double-digit rate increase in classes most impacted by social inflation, with negative rate in national accounts from a competitive large property market

 

International NWP growth ex. currency fluctuations up 7%, with consistently profitable results 11 (In millions, except ratios) First Quarter 2026 2025 Net written premiums $308 $266 NWP change (% year over year)1 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 % Combined ratio excl. catastrophes and development 94.7 % 91.8 % 1 Excluding currency fluctuations, NWP grew 7% for the first quarter of 2026.

 

Underwriting results are generally in line with expectations Life & Group 12 (In millions) First Quarter 2026 2025 Net earned premiums $103 $106 Total claims, benefits and expenses 344 330 Net investment income 224 226 Core (loss) income before income tax (17) 2 Income tax benefit 8 4 Core (loss) income ($9) $6

 

Pretax Net Investment Income Steady contributions from fixed income and limited partnerships 604 662 638 653 610 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Total CNAF Limited Partnership & Common Stock Highlights Fixed Income Securities 530 544 550 553 552 4.8% 4.9% 4.8% 4.9% 4.9% Fixed Income Effective Yield (Pretax) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 54 100 71 77 42 2.0% 3.6% 2.5% 2.7% 1.4% Limited Partnership & Common Stock Return (Pretax) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $M $M $M 13 • Net investment income from fixed income is up 4% year-over-year • Fixed income benefited from a larger invested asset base and the continued impact of favorable reinvested rates • Limited partnership and common stock returns driven by fourth quarter results from our lagged private equity funds

 

Investment Portfolio 151 AAA includes obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises. High quality, diversified and liquid investment portfolio • 88% of total invested assets are in fixed income securities • High-quality portfolio with an average credit rating of “A” • Duration well matched with insurance liabilities • Net unrealized loss increased from year-end driven by higher risk-free rates and wider credit spreads 6% 3% 3% 2% 2% 1% LPs & Common Stock Short Term & Other CMBS Mortgage Loans Other Fixed Income Preferred Stock Corporate & Other 51% Municipals 17% Other ABS 7% RMBS 8% Portfolio Composition Highlights Fixed Maturities by Rating AA 16% A 27% BBB 37% AAA 1 16% Non-IG 4% Effective Portfolio Duration Life & Group 9.5 yrs P&C and Corporate 4.6 yrs Total 6.3 yrs

 

Capital • Financial strength and credit ratings from AM Best were upgraded in Dec. 2025 and outlook was revised to stable; ratings from S&P and Fitch have been affirmed with stable outlooks in the past six months; Moody's rating outlook was changed to positive in Nov. 2024 • Statutory surplus remains very strong • Adjusting for dividends, book value per share ex AOCI increased 1% Leverage • Debt maturity schedule is termed out to effectively manage refinancing • Next debt maturity of $500M in the third quarter of 2027 Liquidity • Ample liquidity at both holding and operating company levels to meet obligations Financial Strength Conservative capital and debt profile support business objectives (In millions, except per share data) Mar 31, 2026 Dec 31, 2025 Debt $2,972 $2,971 Stockholders' equity 10,857 11,621 Total capital $13,829 $14,592 AOCI (1,349) (1,098) Capital ex AOCI $ 15,178 $ 15,690 BVPS ex AOCI $45.12 $46.99 Dividends per share (YTD) $2.48 $3.84 Debt-to-capital 21.5 % 20.4 % Debt-to-capital ex AOCI 19.6 % 18.9 % Statutory surplus 11,052 $11,578 Holding company liquidity 1 $906 $1,048 15 1 Includes $250 million available under credit facility

 

APPENDIX 16

 

Results for the Three Months Ended March 31 2026 2025 Net income $211 $274 Less: Net investment losses (14) (7) Core income $225 $281 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 and management believes some investors may find this measure useful to evaluate our primary operations. Reconciliation of Net Income (Loss) per Diluted Share to Core Income (Loss) per Diluted Share 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 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. 17 Reconciliation of Net Income (Loss) to Core Income (Loss) Reconciliation of GAAP Measures to Non-GAAP Measures

 

18 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 (loss) gain and underlying underwriting gain for our Property & Casualty Operations: Results for the Three Months Ended March 31, 2026 (In millions) Specialty Commercial International Property & Casualty 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 Reconciliation of Net Income to Underwriting Gain (Loss) and Underlying Underwriting Gain (Loss) Reconciliation of GAAP Measures to Non-GAAP Measures

 

19 Results for the Three Months Ended March 31, 2025 (In millions) Specialty Commercial International Property & Casualty 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 The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. The 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 5, 7, 9 and 11, respectively. Components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio Reconciliation of GAAP Measures to Non-GAAP Measures

 

Reconciliation of GAAP Measures to Non-GAAP Measures The following table presents a reconciliation of net loss to core (loss) income for our Life & Group segment: Results for the Three Months Ended March 31 (In millions) 2026 2025 Net loss $ (11) $ (1) Net investment losses, after tax 2 7 Core (loss) income $ (9) $ 6 The following table presents a reconciliation of net loss to core loss for our Corporate & Other segment: Results for the Three Months Ended March 31 (In millions) 2026 2025 Net loss $ (14) $ (36) Net investment losses (gains), after tax — — Core loss $ (14) $ (36) 20

 

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 $46.99 Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attributable to the Company's business operations. The Company believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Calculation of Return on Equity and Core Return on Equity Results for the Three Months Ended March 31 ($ 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 % 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. a Average stockholders' equity is calculated using a simple average of the beginning and ending balances for the period. 21 Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI Reconciliation of GAAP Measures to Non-GAAP Measures

 



CNA Financial First Quarter 2026 Earnings Remarks
Douglas M. Worman, Chairman and Chief Executive Officer:
In the first quarter we continued to successfully drive our underwriting strategies to generate consistently profitable returns as we navigate this challenging market. The fundamentals of our business remain strong as we execute specialized and deliberate strategies to achieve profitable growth. We grew certain pockets of our portfolio that offer accretive returns and scaled back in other areas where the market can’t earn an acceptable return. We took prudent actions this quarter to strengthen both our prior accident year reserves as well as our current accident year loss ratio. Catastrophe impacts in the quarter were consistent with our five-year average.
Core income was $225 million in the first quarter, with net investment income of $610 million which was up slightly compared with the prior year quarter. Higher earnings from the fixed income portfolio were modestly offset by a market decline in common stocks.
The P&C all-in combined ratio was 102.2% in the quarter, including 3.6 points or $97 million of catastrophe impacts, which was consistent with the prior year quarter. Catastrophe impacts were driven by severe convective storms, more than half of which were driven by a significant winter storm in January and a severe hail event in March. Prior period development for P&C overall was unfavorable by $106 million, or 4.1 points of the combined ratio, and was driven by reserve strengthening primarily in recent accident years in our excess casualty and affinity professional errors and omissions (E&O) classes. The P&C underlying combined ratio was 94.5%, up 2.4 points compared to the prior year quarter. The expense ratio was 29.9%, down 0.3 points from the prior year, while the P&C underlying loss ratio was 64.1%, up 2.6 points from the prior year quarter.
The higher underlying loss ratio reflects our belief that a higher degree of conservatism in our loss pick is appropriate given the continuation of uncertainties around longer tailed classes of business. Further, across the P&C portfolio in aggregate, earned rate has been trailing our estimate of loss cost trend. This dynamic puts upward pressure on the underlying loss ratio of a stable portfolio, all else equal. We have implemented targeted underwriting actions to address the underlying headwinds, but these actions will take time to translate into results. In light of the current rate and trend dynamics, we believe this conservative approach is appropriate, and we remain focused on sustainable performance. In addition, we increased our loss cost trends modestly, which are now slightly above 7% for the P&C portfolio overall. The increase in loss cost trend was minor and mostly driven by the two classes of business that drove our prior accident year reserve strengthening. We do not anticipate social inflation abating, and the continued impacts of increased attorney involvement and lengthening development patterns have been reflected in our prior accident year reserves and current accident year loss ratio.
In the quarter, net written premium growth was 1% in the aggregate, but similar to last quarter there is significant variation by segment and class of business unique to the competitive environment in each area. New business of $581 million was up 3% with similar variation by segment and class. P&C rate change was 2%, consistent with the fourth quarter, and renewal premium change was 3%. In each of our segments, we are growing where we see quality opportunities and being disciplined where we do not, which is a result of the current competitive environment and is reflected in our retention levels.
Turning to each of the three P&C operating segments, in Commercial, the all-in combined ratio was 103.5% compared to 101.1% in the prior year quarter. Catastrophe impacts were $93 million or 6.4 points on the combined ratio. Unfavorable prior period development of $56 million added 4.0 points to the combined ratio. The loss development in the quarter was wholly driven by excess casualty in the recent accident years where we continue to see the potential for higher claim frequency and severity from the ongoing impacts of social inflation. The underlying combined ratio was 93.1% compared to 91.0% in the prior year quarter. The underlying loss ratio increased to 65.8%, from 63.4% in the fourth quarter and 62.9% in the prior year quarter. This was driven by an increase in our excess casualty underlying loss ratio, reflecting both the trends the industry is experiencing, and substantial additional prudence on our part. Even with the higher
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excess casualty loss ratio, we continue to believe the margins and opportunities in this class are attractive. In addition to excess casualty, we also increased the workers’ compensation loss ratio in the current accident year given the ongoing significant negative rate in that line coupled with our mid-single digit long-run loss cost trend assumptions. The expense ratio improved by nearly a point to 26.7% and is now below 27% for the third consecutive quarter.
In Commercial, net written premium declined 1% and new business growth was flat. Retention in the quarter was 81% with significant variation by business unit and class. The level of net written premium growth varies significantly based on how we are reacting to the current dynamics in the market. For example, net written premium growth was 13% in middle market with new business up 17% as we still see good opportunities there. Within middle market, workers’ compensation net written premium was up 22%, as we still see pockets to grow profitably while being more selective in certain geographies and accounts. On the other hand, net written premium declined 14% in national accounts property where we are seeing a significant amount of undisciplined market behavior, and net written premium declined 9% in construction where certain classes and geographies continue to be substantively impacted by social inflation and, as a result, we are executing on underwriting actions in segments of that portfolio. We are cognizant of the fact that the underlying causes of social inflation have not abated and are not benign, and so we are being disciplined in how we transact the business. In areas like national accounts property, there are still pockets where we see rate adequacy and opportunity despite the higher level of competition, but we will not pursue growth at the expense of profit dollars. Rate change was 2% in the quarter, down about a point compared to the fourth quarter. Similar to the growth, rate was also bifurcated, with rates in commercial auto and excess casualty remaining in double-digits, whereas rate was down double-digits in national accounts property. Workers’ compensation rates continue to be down low single-digit. Excluding workers’ compensation and national accounts property where we see that heightened level of competition, rate was up 7%.
For Specialty, the all-in combined ratio was 102.7% compared to 95.1% in the prior year quarter. Prior period development was unfavorable by $50 million or 5.9 points of the combined ratio. The prior period development was driven by reserve strengthening in recent accident years for our affinity professional E&O class where we are reacting to signs of slightly higher severity. The underlying combined ratio was 96.8% compared to 93.8% in the prior year quarter. The underlying loss ratio was 62.8%, up from 60.6% in the fourth quarter and 60.1% in the prior year quarter. Earned rate continues to lag overall long-run loss cost trends, and we have been prudent in reflecting the recent accident year reserve pressure in our underlying loss ratio. As further evidence of our prudent approach, we are not yet reflecting the potential beneficial impact of underwriting strategies and rather waiting to see how it bears out over time. The expense ratio was 33.6% compared to 33.4% in the prior year quarter.
In Specialty, net written premium declined 1% in the quarter, heavily influenced by volatility in surety where premiums declined 9%. This is off of a large base that grew 12% in the prior year quarter and reflects fewer jumbo bond opportunities in the quarter. Our construction clients have plenty of backlogged projects but the timing of the start of those projects will result in quarterly premium volatility. Specialty growth excluding surety was up 2%.
For Specialty overall, new business was up 13% in the quarter and retention was 86%, fairly consistent with recent quarters. Rate remained consistent this quarter at 3% with renewal premium change up a point to 5%. Rate change has been consistent at 3% for the past five quarters with some variation by class. Rate was up a point to 1% in financial and management liability lines in the aggregate, with the continuation of low to mid-single digit rates in public company directors and officers (D&O) and cyber. Rate remained strong in healthcare at 8% and stable in affinity business at 3%.
For International, the all-in combined ratio was 95.9% with 1.2 points of catastrophe losses. The underlying combined ratio was 94.7%. The underlying loss ratio was 59.8% compared to 58.5% in the prior year quarter. The increase in the underlying loss ratio was due to the continued soft market conditions across the segment. The expense ratio was 34.9% compared to 33.3% in the prior year quarter.
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International net written premium grew 16% in the quarter, or 7% excluding currency fluctuation. New business grew 2% in the quarter and retention was 85%. Rates were down 4% in the quarter as the environment continues to be highly competitive. Despite this heightened level of competition, we continue to find excellent opportunities in Canada, Continental Europe and the U.K. regions that are still at strong levels of rate adequacy in specific lines and geographies.
Scott R. Lindquist, Chief Financial Officer:
CNA’s first quarter core income was $225 million compared to $281 million in the prior year quarter, resulting in a first quarter core return on equity of 7.2% and a trailing twelve‑month core return on equity excluding accumulated other comprehensive income (AOCI) of 10.6%. The decrease in core income reflects prudent actions to strengthen prior year loss reserves in excess casualty and professional E&O lines for recent accident years as well as an increase in the current accident year loss ratios.
Our P&C expense ratio for the first quarter was 29.9%, an improvement of 0.3 points compared with the prior year quarter. Our expense ratio improvement this quarter reflects favorable acquisition costs and continued operating discipline, even as we continue to increase investment in our technology, digital and artificial intelligence (AI) capabilities. While there is always a degree of quarter‑to‑quarter variability in this ratio, we continue to believe an expense ratio around 30% represents a reasonable run‑rate for the full year 2026.
The P&C net prior period development impact on the combined ratio was 4.1 points in the current quarter, compared with 2.5 points in the prior year quarter. In the Specialty segment, prior period development was $50 million unfavorable, primarily driven by professional E&O business in recent accident years. In the Commercial segment, prior period development was $56 million unfavorable driven by excess casualty in recent accident years.
The P&C paid‑to‑incurred ratio was 77% this quarter, below the low-to-mid 80% average of the past four years, primarily reflecting the reserve strengthening taken during the quarter. P&C paid losses naturally vary from quarter-to-quarter, and while individual quarters may move up or down, the underlying trend in paid losses has increased over time, consistent with portfolio growth and higher loss costs.
The Life & Group segment produced a core loss of $9 million for the quarter with underwriting results broadly in line with expectations, compared to a $6 million gain in the prior year quarter which reflected modestly favorable persistency experience.
The Corporate segment produced a core loss of $14 million in the first quarter compared to a $36 million loss in the prior year quarter. The prior year quarter included a $17 million after-tax charge related to unfavorable prior period development largely associated with legacy mass tort abuse claim activity. As a reminder, we conduct our comprehensive review of legacy mass tort exposures in the second quarter of each year.
Net investment income was $610 million in the first quarter compared with $604 million in the prior year quarter, an increase of 1%. The increase was driven by our fixed income and other investments, partially offset by lower returns in our limited partnership and common stock portfolios.
Fixed income and other investments generated $568 million of income, up 3% compared to the prior year quarter. Our A-rated fixed income portfolio continues to provide consistent contributions to core income, which have been steadily increasing because of favorable reinvestment rates and a growing asset base. The effective income yield of our consolidated fixed income portfolio was 4.9% in the first quarter, up from 4.8% in the prior year quarter. Reinvestment rates continue to be above our P&C portfolio effective income yield of 4.4% and are fairly in line with our Life & Group portfolio effective income yield of 5.7%.
Looking ahead, based on the current interest rate environment, we expect income from fixed income and other investments to be about $575 million in the second quarter. For the full year, we expect income from fixed income and other investments to be about $2,300 million, or a 2% increase as compared to the full year 2025.
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Our limited partnership and common stock portfolio returned a $42 million gain, or 1.4%, in the current quarter compared to a $54 million gain, or 2.0%, in the prior year quarter. The lower return was primarily due to our hedge fund and common stock portfolios, whose returns were in line with the broader public equity market performance.
As a reminder, private equity funds, which represent about 90% of our limited partnership portfolio, generally report to us on a quarter lag, so results this quarter were primarily reflective of performance from the fourth quarter of 2025. Given the recent volatility in public equity markets, we believe we may see similar volatility in our limited partnership and common stock portfolio results in the near term.
At quarter‑end, our balance sheet remained very strong. Stockholders’ equity excluding AOCI was $12.2 billion, or $45.12 per share. Including AOCI, stockholders’ equity was $10.9 billion, or $40.13 per share. Statutory capital and surplus in the combined Continental Casualty Companies was $11.1 billion at quarter‑end, reflecting the continued strength of our capital position.
Operating cash flow for the quarter was $393 million as compared to $638 million in the prior year first quarter. The decrease includes approximately $100 million of payments related to specific reinsurance treaties, which occurred in the first quarter of this year but were paid in the second quarter of last year. Outside of this timing difference, operating cash flow reflects higher paid losses compared with the prior year first quarter, as a result of normal quarter-to-quarter paid loss variability and portfolio growth in prior years, while remaining well supported by strong investment results and steady premium collections. The effective tax rate on core income for the quarter was 21.1%, consistent with our expectations for the full year.
Finally, we are pleased to announce our regular quarterly dividend of $0.48 per share, payable on June 4, 2026 to shareholders of record on May 18, 2026.
Douglas M. Worman, Chairman and Chief Executive Officer:
Overall, we produced $225 million of core income despite taking actions to continue to increase the prudence in our underlying loss ratio and long-tailed lines reserves for recent accident years. These long-tailed excess casualty and professional lines will play out over time; however, as we demonstrated last year on primary commercial auto, our philosophy is to respond quickly to any early adverse loss trend signals and market pricing pressure to address potential uncertainty. At the same time we continue to be measured on the anticipated benefits of our underwriting actions. This gives us what we believe to be an appropriately conservative position on our reserves and underlying loss ratio. In summary, we will not jeopardize our long term value creation by not recognizing market trends and adjusting underwriting strategies. We are executing our strategies with precision and nuance, growing substantially in some areas where we see opportunity while maintaining strong discipline in others that are subject to an irrational level of competition.
Our expense ratio is down, and as we have gained efficiency we have continued to place investments in technology and AI, which have started to benefit us through a well-structured and evolving strategy. This includes over 100 separate AI initiatives executed across different areas of the organization, ranging from the use of AI to intake and triage submissions, to summarization of claims documents and generation of actionable insights. We are also using AI to analyze accounts within our risk control area, perform advanced analytics to gain insights on exposure to loss at a depth never before possible and support a variety of other initiatives covering virtually every functional area in our organization.
Looking ahead to the rest of the year, we will continue to operate with strong discipline, and we remain committed to tightening our execution in the marketplace as we execute detailed underwriting strategies to optimize our portfolio in the current environment.
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Reconciliation of GAAP Measures to Non-GAAP Measures
These earnings remarks contain financial measures that are not in accordance with accounting principles generally accepted in the United States of America (GAAP). Management utilizes these financial measures 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)20262025
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
20262025
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 





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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 that underwriting gain (loss) provides investors with a valuable measure of 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
SpecialtyCommercial International Property & Casualty
(In millions)
Net income $95 $105 $36 $236 
Net investment losses, after tax4 7 1 12 
Core income $99 $112 $37 $248 
Less:
Net investment income142 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 items50 56 — 106 
Underlying underwriting gain$26 $100 $18 $144 
Results for the Three Months Ended March 31, 2025
SpecialtyCommercial International Property & Casualty
(In millions)
Net income$149 $124 $38 $311 
Net investment losses (gains), after tax1 — (1)— 
Core income $150 $124 $37 $311 
Less:
Net investment income151 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 items10 53 — 63 
Underlying underwriting gain$52 $122 $26 $200 
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Components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio
The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. The 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.
Specialty
Results for the Three Months Ended March 31
20262025
Loss ratio68.7 %61.4 %
Less: Effect of catastrophe impacts— — 
Less: Effect of unfavorable development-related items5.9 1.3 
Underlying loss ratio62.8 %60.1 %
Expense ratio33.6 %33.4 %
Combined ratio102.7 %95.1 %
Underlying combined ratio96.8 %93.8 %
Commercial
Results for the Three Months Ended March 31
20262025
Loss ratio76.2 %73.0 %
Less: Effect of catastrophe impacts6.4 6.3 
Less: Effect of unfavorable development-related items4.0 3.8 
Underlying loss ratio65.8 %62.9 %
Expense ratio26.7 %27.6 %
Combined ratio103.5 %101.1 %
Underlying combined ratio93.1 %91.0 %
International
Results for the Three Months Ended March 31
20262025
Loss ratio61.0 %62.1 %
Less: Effect of catastrophe impacts1.2 3.6 
Less: Effect of (favorable) unfavorable development-related items— — 
Underlying loss ratio59.8 %58.5 %
Expense ratio34.9 %33.3 %
Combined ratio95.9 %95.4 %
Underlying combined ratio94.7 %91.8 %

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Property & Casualty
Results for the Three Months Ended March 31
20262025
Loss ratio71.8 %67.8 %
Less: Effect of catastrophe impacts3.6 3.8 
Less: Effect of unfavorable development-related items4.1 2.5 
Underlying loss ratio64.1 %61.5 %
Expense ratio29.9 %30.2 %
Combined ratio102.2 %98.4 %
Underlying combined ratio94.5 %92.1 %
Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI
Book value per share excluding accumulated other comprehensive income (loss) (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, 2026December 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)20262025
Annualized net income$845 $1,096 
Average stockholders' equity including AOCI (a)
11,23910,396
Return on equity7.5 %10.5 %
Annualized core income$901 $1,125 
Average stockholders' equity excluding AOCI (a)
12,46212,284
Core return on equity7.2 %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 filings with the Securities and Exchange Commission available at cna.com.
Forward-Looking Statements
These earnings remarks include 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
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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 these earnings remarks are made by CNA as of the date of these remarks. Further, CNA does not have any obligation to update or revise any forward-looking statement contained in these remarks, even if CNA’s expectations or any related events, conditions or circumstances change.

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Source: View Original Filing on SEC EDGAR

FAQ

How did CNA Financial (CNA) perform financially in Q1 2026?

CNA Financial reported Q1 2026 net income of $211 million, or $0.78 per share, down from $274 million, or $1.00 per share, a year earlier. Core income was $225 million, or $0.83 per share, compared with $281 million, or $1.03 per share, in Q1 2025.

What happened to CNA Financial (CNA) Property & Casualty underwriting results?

Property & Casualty core income was $248 million, down from $311 million in Q1 2025. The P&C combined ratio deteriorated to 102.2% from 98.4%, with an underlying combined ratio of 94.5% and $106 million of unfavorable prior‑period development mainly in excess casualty and professional E&O.

How much catastrophe loss did CNA Financial (CNA) incur in Q1 2026?

Catastrophe impacts were $97 million pretax in Q1 2026, the same as in the prior year quarter. These losses added 3.6 points to the P&C loss ratio, compared with 3.8 points a year earlier, and were driven largely by severe convective storms, including winter and hail events.

What was CNA Financial (CNA) net investment income in Q1 2026?

Net investment income was $610 million in Q1 2026, slightly above $604 million a year earlier. Fixed income and other investments contributed $568 million, up $18 million year over year, while limited partnerships and common stock generated $42 million, down $12 million.

How did CNA Financial (CNA) book value and capital position change?

Book value per share was $40.13, with book value per share excluding AOCI at $45.12, a 1% increase from year‑end 2025 after dividends. Total stockholders’ equity was $10.9 billion, and statutory capital and surplus for the Combined Continental Casualty Companies totaled $11.1 billion.

What dividend did CNA Financial (CNA) declare for Q1 2026?

The Board of Directors declared a regular quarterly cash dividend of $0.48 per share. This follows total dividends of $2.48 per share year‑to‑date when adjusting book value figures, indicating CNA continues returning capital to shareholders while maintaining strong statutory surplus.

How did CNA Financial (CNA) revenue and return on equity trend in Q1 2026?

Total revenues were $3,677 million, up 1% from $3,627 million in Q1 2025. However, annualized return on equity based on net income declined to 7.5% from 10.5%, and core return on equity fell to 7.2% from 9.2%, reflecting weaker earnings despite modest revenue growth.

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