Cna Financial Corporation · NYSE:CNA
Cna Financial — Investor Presentation (June 2026)
21 slides from Cna Financial's investor presentation, Jun 1, 2026
Slide 1: CNA Financial: Our Commitment to Underwriting Excellence
CNA Financial: Our Commitment to Underwriting Excellence Investor Presentation Q4 2025 1
Slide 2: CNA Today
CNA Today One of the largest U.S. commercial lines insurers Core Business Segments: with roots going back to 1897 Commercial Net written premium: $10.7b1 Specialty Gross written premium ex warranty captives: $13.0b1 International Specialized underwriting Meaningful presence in capabilities with indu
Slide 3: CNA Story: Sustained Quality and Consistency of Earnings
CNA Story: Sustained Quality and Consistency of Earnings AM Best upgrade to A+ financial strength rating reflects balance sheet strength and consistently strong operating performance Effective portfolio management 2025 Underlying combined ratio remained below 92% for fifth consecutive year through i
Slide 4: CNA Highlights
CNA Highlights ✓ Maintaining Top Quartile performance with an intense focus on our Vectors of Success ✓ Meaningfully improved underlying combined ratios have been sustained in each of our P&C segments ✓ Earnings power continues to grow with record high underlying underwriting gain, investment income
Slide 5: Vectors of Success
CNA’s 2026 Enterprise Priorities Are Built Upon Our Foundational Vectors of Success Key enterprise priorities Sustaining a deep underwriting culture Optimizing distribution engagement Amplify Drive global Grow profit Enhance our Vectors of Success industry collaboration Design and dollars through fo
Slide 6: A Strong and Experienced Leadership Team
A Strong and Experienced Leadership Team Doug Worman Chairman and Chief Executive Officer Elizabeth Aguinaga Scott Lindquist Mike Nardiello EVP & Chief Human Resources President Global Property & EVP & Chief Financial Officer Officer Casualty Daniel Franzetti Jane Possell Jalil Rehman EVP & Chief Ad
Slide 7: Broad Property & Casualty Portfolio Underpinned by Specialization
Broad Property & Casualty Portfolio Underpinned by Specialization, Built on Deep Product and Industry Expertise Core P&C Portfolio – $10.7b Net Written Premium in 2025 Commercial (54%) Specialty (33%) International (13%) • P&C products and services to • Professional, financial and • P&C and Specialt
Slide 8: Sustaining Improved Performance on a Strong Capital Base
Sustaining Improved Performance on a Strong Capital Base Highlights Core Income • Continued core income growth has been driven by strong P&C Three consecutive years of record-high core income above $1 billion underwriting and investment results $1,342m $1,284m $1,316m • Sustained improvement in unde
Slide 9: Underwriting Shows Intense Focus on Growing Profit Dollars
Underwriting Shows Intense Focus on Growing Profit Dollars Highlights P&C Underlying Underwriting Gain • P&C underwriting performance has been meaningfully contributing to earnings growth $840m $855m • Underlying underwriting gain has shown consistent and steady $818m growth, reaching another record
Slide 10: Commercial
Commercial Sustained profitable growth with excellent underwriting results, driven by continued specialization across business units and products Net Written Premium, $m Combined Ratios1 103.1% 97.3% 96.0% 96.7% 95.2% $5,821 $5,469 $4,880 $4,193 92.6% 92.4% 91.6% 90.6% 90.5% $3,595 31.1% 30.4% 29.6%
Slide 11: Specialty
Specialty Maintaining solid underwriting results while executing on underwriting discipline Net Written Premium, $m Combined Ratios1 92.6% 95.3% 88.7% 88.6% 90.4% $3,445 $3,515 $3,225 $3,306 $3,329 90.7% 92.9% 94.2% 89.7% 89.8% 30.5% 31.0% 32.0% 32.8% 33.5% 59.1% 58.6% 58.5% 59.8% 60.4% 2021 2022 20
Slide 12: International
International Well-established as a consistent and growing contributor to overall profitability, producing an underwriting gain for the past 22 consecutive quarters Net Written Premium, $m Combined Ratios1 94.8% 92.6% 94.0% 91.8% 91.2% $1,347 $1,237 $1,262 $1,164 $1,101 92.1% 90.8% 89.0% 91.2% 91.3%
Slide 13: LTC Progress Focused on Active Management
LTC Progress Focused on Active Management Proactive approach to managing block across all dimensions of the business Material progress made in recent years • 31 rate increase approvals in 2025 with an average rate increase amount of 28% • Since we launched our buyout program in 2020, we have bought
Slide 14: Long Term Care Block Characteristics
Long Term Care Block Characteristics Total LTC policies have declined by approximately 50% since 2015 Block Characteristics (as of Q3 2025) Commentary ILTC GLTC 83 years old 70 years old • De-risking of the more mature ILTC block with richer policy benefits Average Age Average Max Daily Benefit $333
Slide 15: High-quality, Well Diversified and Liquid Investments
High-quality, Well Diversified and Liquid Investments Municipals 17% • $50.4 billion in carrying value Other ABS 1 • 87% of total invested assets are in fixed income securities 7% Corporate • High-quality portfolio with an average “A” credit rating 50% 2 RMBS 7% • Investment income continues to bene
Slide 16: Maintaining a Robust Balance Sheet and Consistent Value Creation for Shareholders
Maintaining a Robust Balance Sheet and Consistent Value Creation for Shareholders Robust Financial Strength & Debt Ratings Capital Management Philosophy Financial CNAF Senior • Hold capital to withstand material stresses Rating Agency Strength Rating Debt Rating Outlook • Growth opportunities (organ
Slide 17: Notices and Disclaimers
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 ev
Slide 18: Appendix
APPENDIX CNA
Slide 19: Reconciliation of GAAP Measures to Non-GAAP Measures
Reconciliation of GAAP Measures to Non-GAAP Measures 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 losses and development-related items from the loss ratio. The underly
Slide 20: Reconciliation of GAAP Measures to Non-GAAP Measures
Reconciliation of GAAP Measures to Non-GAAP Measures 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 transactio
Slide 21: Reconciliation of GAAP Measures to Non-GAAP Measures
Reconciliation of GAAP Measures to Non-GAAP Measures Reconciliation of Net Income 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, w