Cna Financial Corporation · NYSE:CNA
Cna Financial — Q3 2026 Earnings Presentation
26 slides from Cna Financial's earnings presentation, Nov 2, 2026
Slide 1: Third Quarter 2026 Results
CNA Financial Corporation Third Quarter 2026 Results November 2, 2026
Slide 2: 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 3: Third Quarter Overview
Third Quarter Overview • Net income of $196 million versus $403 million in the prior year quarter; core income of $203 million versus $409 million in the prior year quarter. • P&C core income of $397 million versus $456 million, reflects lower underlying underwriting results and higher catastrophe l
Slide 4: Financial Performance
Financial Performance 4 (In millions, except ratios and per share data) Third Quarter Year to Date 2026 2025 Change 2026 2025 Change Revenues $3,821 $3,817 — % $11,327 $11,161 1 % Core income 203 409 (50) % 752 1,025 (27) % Net income 196 403 (51) % 728 976 (25) % Diluted earnings per common share:
Slide 5: Property & Casualty Operations
Underwriting results continue to reflect prudence in loss picks, with catastrophe losses and expense ratio in line with expectations Property & Casualty Operations 5 (In millions, except ratios) Third Quarter Year to Date 2026 2025 2026 2025 Net written premiums $2,507 $2,437 $8,094 $7,889 NWP chang
Slide 6: Property & Casualty Production Metrics
Property & Casualty Production Metrics Continued disciplined and differentiated execution across the portfolio, with stable retention and rate of +2% 6 Property & Casualty Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 6% 5% 4% 4% 3% 2% 3% 86% 83% 81% 84% 83% 83% 83% Retention Renewal Premium Chang
Slide 7: Specialty
NWP growth of 4%, with results continuing to reflect higher loss picks for various lines Specialty 7 (In millions, except ratios) Third Quarter Year to Date 2026 2025 2026 2025 Net written premiums $900 $867 $2,671 $2,601 NWP change (% year over year) 4 % 3 % Net earned premiums $907 $881 $2,637 $2,
Slide 8: Specialty Production Metrics
Specialty Production Metrics Good new business growth and rate of +4%; retention reflects targeted underwriting actions 8 Specialty Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 4% 4% 4% 4% 5% 4% 5% 89% 86% 86% 85% 86% 85% 83% Retention Renewal Premium Change Rate GWP ex. warranty captives ($M) $9
Slide 9: Commercial
Commercial 9 (In millions, except ratios) Third Quarter Year to Date 2026 2025 2026 2025 Net written premiums $1,274 $1,251 $4,397 $4,312 NWP change (% year over year) 2 % 2 % Net earned premiums $1,475 $1,453 $4,328 $4,235 NEP change (% year over year) 2 % 2 % Underwriting gain $3 $106 $4 $163 Loss
Slide 10: Commercial Production Metrics
Commercial Production Metrics 10 Commercial Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 7% 6% 6% 5% 3% 2% 3% 84% 81% 79% 82% 81% 81% 83% Retention Renewal Premium Change Rate Gross Written Premiums ($M) $1,853 $2,065 $1,569 $1,846 $1,828 $2,140 $1,596 New Business ($M) $370 $420 $324 $377 $369 $
Slide 11: International
International Continued profitability in a highly competitive marketplace 11 (In millions, except ratios) Third Quarter Year to Date 2026 2025 2026 2025 Net written premiums $333 $319 $1,026 $976 NWP change (% year over year)1 4 % 5 % Net earned premiums $349 $344 $1,020 $978 NEP change (% year over
Slide 12: Life & Group
Results reflect unfavorable impact of $137 million after-tax from annual LTC reserve assumption updates Life & Group 12 (In millions) Third Quarter Year to Date 2026 2025 2026 2025 Net earned premiums $101 $106 $307 $318 Total claims, benefits and expenses 547 365 1,241 1,040 Net investment income 2
Slide 13: 2026 L&G Reserve Summary
2026 L&G Reserve Summary Near-term inflation and morbidity updates partially offset by premium rate action outperformance; maintain robust statutory reserve margin of $1.3b to withstand stresses Change to GAAP Liability from Changes in LTC Assumptions 2026 Economic Assumptions: Inflation • Near-term
Slide 14: LTC Progress Focused on Active Management
LTC Progress Focused on Active Management 14 Proactive approach to managing block across all dimensions of the business Our Active Management Strategy is Containing the Risk of Long-Term Care to CNA • 30 rate increase approvals in 2026 with an average rate increase amount of 20%; average premium rat
Slide 15: LTC Block Characteristics
LTC Block Characteristics Mature LTC business with reserves and open claims at their expected plateau 15 Summary Block Characteristics 2 • GAAP reserves at locked-in discount rates and open claim counts are at their expected plateau reflecting the maturity of the block; ILTC is in the latter half of
Slide 16: Net Investment Income
Net Investment Income Steady contributions from fixed income, private equity funds and common stock 638 653 610 701 635 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total CNAF Limited Partnership & Common Stock Highlights Fixed Income Securities 550 553 552 562 575 4.8% 4.9% 4.9% 4.9% 5.0% Fixed Income E
Slide 17: Investment Portfolio
Investment Portfolio 171 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 avera
Slide 18: Financial Strength
Capital • Outlooks remain stable on S&P, AM Best and Fitch ratings; 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 5% Leverage • Debt maturity schedule is termed out to effectively
Slide 19: Appendix
APPENDIX CHA
Slide 20: Net Income to Core Income Reconciliation
Results for the Three Months Ended September 30 Results for the Nine Months Ended September 30 2026 2025 2026 2025 Net income $196 $403 $728 $976 Less: Net investment losses (7) (6) (24) (49) Core income $203 $409 $752 $1,025 Core income (loss) is calculated by excluding from net income (loss) the a
Slide 21: Underwriting Gain Non-GAAP Definitions
22 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 expense
Slide 22: Three Months Ended September 30, 2025 Reconciliation
23 Results for the Three Months Ended September 30, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 173 $ 229 $ 44 $ 446 Net investment losses, after tax 3 4 3 10 Core income $ 176 $ 233 $ 47 $ 456 Less: Net investment income 162 192 42 396 Non-insurance warran
Slide 23: Nine Months Ended September 30, 2026 Reconciliation
24 Results for the Nine Months Ended September 30, 2026 (In millions) Specialty Commercial International Property & Casualty Net income $ 395 $ 498 $ 160 $ 1,053 Net investment losses, after tax 7 8 3 18 Core income $ 402 $ 506 $ 163 $ 1,071 Less: Net investment income 463 640 135 1,238 Non-insuranc
Slide 24: Nine Months Ended September 30, 2025 Reconciliation
25 Results for the Nine Months Ended September 30, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 487 $ 552 $ 135 $ 1,174 Net investment losses, after tax 16 23 2 41 Core income $ 503 $ 575 $ 137 $ 1,215 Less: Net investment income 483 575 114 1,172 Non-insura
Slide 25: Life & Group and Corporate & Other Reconciliation
Reconciliation of GAAP Measures to Non-GAAP Measures The following table presents a reconciliation of net loss to core loss for our Life & Group segment: Results for the Three Months Ended September 30 Results for the Nine Months Ended September 30 (In millions) 2026 2025 2026 2025 Net loss $ (173)
Slide 26: Book Value per Share and ROE Reconciliation
September 30, 2026 December 31, 2025 Book value per share $37.80 $42.93 Less: Per share impact of AOCI (8.31) (4.06) Book value per share excluding AOCI $46.11 $46.99 Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attrib