CNA Financial Corp. (CNA)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$15.2B

Revenue growth

3.4%

Net income, last twelve months

$1.2B

Earnings per share

$4.55

Operating margin

10.3%

Net margin

8.2%

Free cash flow

$2.3B

Return on equity

11.1%

Market value

$13.0B

Price to earnings

10.5x

Dividend yield

8.1%

Cash

$339.0M

Debt

$3.0B

Debt to equity

0.27

Shares outstanding

270.6M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 3 August 2026.

• Core income down $11 million. Core income was $324 million, or $1.19 per diluted share, against $335 million, or $1.23 per share, in the prior year quarter. Net income was $321 million, or $1.18 per share.
• Net income rose on smaller losses. Net income rose from $299 million as net investment losses narrowed, which are excluded from core income.
• P&C core income fell $22 million. Underwriting gain was $92 million versus $150 million, and net investment income in P&C rose to $461 million from $414 million.
• Life & Group swung to a loss. The segment reported a core loss of $10 million, which management attributed to slightly lower net investment income.
• Corporate loss narrowed, deferred gain added. Corporate & Other core loss was $92 million versus $114 million. Amortization of the A&EP deferred gain added $13 million after tax to the segment.
• Specialty margin narrowed; new business up. Specialty underwriting gain was $32 million versus $53 million, with the combined ratio at 96.5% against 93.6% and net written premium up 5%.
• Commercial loss ratio rose on casualty. Commercial underwriting gain was $50 million versus $74 million, and the combined ratio was 96.5% against 94.8%. The expense ratio improved to 26.6%.
• International expenses up on talent spend. International combined ratio was 96.9% against 92.8%, with net written premium down 2% and 3% excluding currency. Rates were down 5% in the quarter.
• P&C underlying combined ratio rose. Underlying combined ratio was 94.2% against 91.7%, driven by a 2.6 point rise in the underlying loss ratio to 64.1%, with increases across each segment.
• Loss picks kept conservative. The underlying loss ratio matched the first quarter. Long-run cost trend assumptions were unchanged, and management kept the higher conservatism in its loss picks.
• Paid-to-incurred ratio held at 76%. The ratio was flat with the first quarter and six points below the 82% for full-year 2025. Management said paid loss trends are generally consistent with its expectations.
• Expense ratio flat near 30%. The P&C expense ratio was 29.7%, against 29.8% a year earlier, while the company continued investing in talent, technology and AI.
• Written premium up 4%, new business record. P&C net written premium rose 4% and new business grew 11% to a record level, with retention at 83%.
• Renewal premium up 2%, rate flat. Rate increases in social inflation-impacted casualty lines offset rate decreases in property, workers' compensation and International.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 218 held.

Every filing

The newest filings with the SEC of 552 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

348 funds held it at 30 Jun 2026: 156 added and 102 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Berkshire Hathaway Inc. (BRK.B): revenue $384.7B, market value $1.17T
• Chubb Ltd. (CB): revenue $61.8B, market value $136.0B
• Progressive Corp. (PGR): revenue $91.1B, market value $131.2B
• Travelers Companies, Inc. (TRV): revenue $48.9B, market value $80.7B
• Allstate Corp. (ALL): revenue $70.1B, market value $63.6B
• American International Group, Inc. (AIG): revenue $26.6B, market value $41.9B
• Arch Capital Group Ltd. (ACGL): revenue $19.2B, market value $35.0B
• Hartford Insurance Group, Inc. (HIG): revenue $29.0B, market value $34.8B
• Everest Group, Ltd. (EG): revenue $16.8B, market value $28.8B
• Cincinnati Financial Corp. (CINF): revenue $13.3B, market value $27.5B

What the company does

CNA Financial Corporation is an insurance holding company incorporated in 1967. Its subsidiaries mainly sell commercial property and casualty insurance, including surety, and also provide warranty, risk management information services and claims administration. Products and services are marketed through independent agents, retail and wholesale brokers and managing general underwriters. The company had approximately 6,600 employees as of 31 December 2025. Loews Corporation owned approximately 92% of its outstanding common stock on that date.

How the business is organised

The commercial insurance operations are managed and reported in three segments: Specialty, Commercial and International. The company refers to these together as Property & Casualty Operations. Two further segments sit outside them: Life & Group and Corporate & Other.

The insurance business is conducted mainly through Continental Casualty Company, The Continental Insurance Company, Western Surety Company, CNA Insurance Company Limited, Hardy Underwriting Bermuda Limited and its subsidiaries (Hardy), and CNA Insurance Company (Europe) S.A.

What it sells

Specialty offers management and professional liability coverages. These include professional liability for architects, real estate agents, accounting firms and law firms, and directors and officers, errors and omissions, employment practices, fiduciary, fidelity and cyber coverages. It also serves the healthcare industry with professional and general liability. Its surety business provides contract and commercial surety and fidelity bonds in all 50 states. Its Warranty and Alternative Risks group provides extended service contracts for vehicles, portable electronics and other consumer goods, sold mainly through automobile dealerships and retailers in North America.

Commercial sells property products, including standard and excess property, marine, and boiler and machinery coverages. Its casualty products include workers' compensation, general and product liability, commercial auto, umbrella, and excess and surplus coverages. Most programs are provided on a guaranteed cost basis. The company also offers loss-sensitive programs and risk management services to large commercial customers.

Who it sells to

Customers include small, medium and large businesses, insurance companies, associations, professionals and other groups. Commercial targets small business, construction and middle market customers. Specialty's healthcare customer groups include aging services, allied medical facilities, dentists, physicians and nurses. Specialty also writes coverage for small and mid-size firms, public and privately held firms, and not-for-profit organizations.

In International, the Canadian operation focuses on midsize and large companies headquartered in Canada. The European business focuses on the middle market, marine, healthcare, and financial and professional services sectors.

Where it operates

In the United States, the company has field underwriting locations and centralized processing operations that handle policy processing, billing and collection and act as call centers. Its claim operations include primary locations that handle multiple claim types, plus regional claim offices aligned with the underwriting field structure.

Outside the United States, it underwrites through a branch in Canada and through insurance companies based in the United Kingdom and Luxembourg. It also operates Hardy, which underwrites energy, marine, property, casualty and specialty lines through Lloyd's Syndicate 382 with risks located in many countries. The capacity and results of that syndicate are 100% attributable to CNA.

Run-off businesses

Life & Group primarily holds the long-term care business, which is in run-off. Those policies were sold on both an individual and group basis. They may provide benefits for nursing homes, assisted living facilities and home health care, subject to daily and lifetime caps. The segment also includes structured settlement obligations not funded by annuities.

Corporate & Other holds certain corporate expenses, including interest on corporate debt. It also holds property and casualty businesses in run-off, including A&EP, a legacy portfolio of excess workers' compensation policies and certain legacy mass tort reserves. Substantially all legacy A&EP liabilities were ceded to NICO effective 1 January 2010.

Most of the company's business is long-tail, meaning it generally takes several years between writing the business and settling all claims. Short-tail exposures include property, commercial automobile physical damage, marine, surety and warranty.

Competition and regulation

The company describes the property and casualty industry as highly competitive on rate and service. It competes with a large number of stock and mutual insurance companies, as well as other entities, for both distributors and customers.

The business is regulated in each jurisdiction where it operates. These include the State of Illinois Department of Insurance, which is its global group-wide supervisor, the U.K. Prudential Regulatory Authority and Financial Conduct Authority, the Office of Superintendent of Financial Institutions in Canada, the Luxembourg Commissariat aux Assurances and the Bermuda Monetary Authority. Hardy is also supervised by the Council of Lloyd's. State regulators also require domestic insurers to cover certain risks that would not otherwise be eligible, and insurers pay guaranty fund assessments.

To manage catastrophe exposure, the company buys catastrophe reinsurance. Its principal protection against large-scale terrorist attacks is the program under the Terrorism Risk Insurance Program Reauthorization Act of 2019.

*From CNA's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/21175/000002117526000011/cna-20251231.htm)*

From the company's 10-K.