Cna Financial Corporation · NYSE:CNA
Cna Financial — Q2 2026 Earnings Presentation
21 slides from Cna Financial's earnings presentation, Aug 3, 2026
Slide 1: CNA Financial Corporation Supplemental Financial Information
CNA Financial Corporation Supplemental Financial Information June 30, 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
Slide 2: Table of Contents
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 Cor
Slide 3: Statements of Operations
Statements of Operations Periods ended June 30 Three Months Six Months (In millions) 2026 2025 Change 2026 2025 Change Revenues: Net earned premiums $ 2,759 $ 2,694 2 % $ 5,460 $ 5,320 3 % Net investment income 701 662 6 1,311 1,266 4 Net investment (losses) gains (5) (46) (23) (55) Non-insurance wa
Slide 4: Components of Income (Loss), Per Share Data and Return on Equity
Components of Income (Loss), Per Share Data and Return on Equity Periods ended June 30 Three Months Six Months (In millions, except per share data) 2026 2025 2026 2025 Components of Income (Loss) Core income (loss) $ 324 $ 335 $ 549 $ 616 Net investment gains (losses) (3) (36) (17) (43) Net income (
Slide 5: Selected Balance Sheet Data and Statements of Cash Flows Data
Selected Balance Sheet Data and Statements of Cash Flows Data (In millions, except per share data) June 30, 2026 December 31, 2025 Total investments $ 50,456 $ 50,447 Reinsurance receivables, net of allowance for uncollectible receivables 6,497 6,381 Total assets 69,874 69,443 Insurance reserves 48,
Slide 6: Property & Casualty - Results of Operations
Property & Casualty - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2026 2025 Change 2026 2025 Change Gross written premiums $ 4,168 $ 4,194 (1) % $ 7,901 $ 8,092 (2) % Gross written premiums ex. warranty captives 3,656 3,519 4 6,875 6,733 2 Net written premiums 2
Slide 7: Specialty - Results of Operations
Specialty - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2026 2025 Change 2026 2025 Change Gross written premiums $ 1,582 $ 1,692 (7) % $ 3,090 $ 3,364 (8) % Gross written premiums ex. warranty captives 1,071 1,016 5 2,065 2,005 3 Net written premiums 937 892 5 1
Slide 8: Commercial - Results of Operations
Commercial - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2026 2025 Change 2026 2025 Change Gross written premiums $ 2,140 $ 2,065 4 % $ 3,968 $ 3,918 1 % Net written premiums 1,643 1,563 5 3,123 3,061 2 Net earned premiums 1,441 1,402 3 2,853 2,782 3 Insurance c
Slide 9: International - Results of Operations
International - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2026 2025 Change 2026 2025 Change Gross written premiums $ 446 $ 437 2 % $ 843 $ 810 4 % Net written premiums 385 391 (2) 693 657 5 Net earned premiums 337 324 4 671 634 6 Insurance claims and policyhol
Slide 10: Life & Group - Results of Operations
Life & Group - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Net earned premiums $ 103 $ 106 $ 206 $ 212 Net investment income 230 235 454 461 Other revenues (1) — (1) — Total operating revenues 332 341 659 673 Insurance claims and policyholder
Slide 11: Corporate & Other - Results of Operations
Corporate & Other - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Net earned premiums $ — $ — $ — $ — Net investment income 10 13 21 29 Other revenues — — — — Total operating revenues 10 13 21 29 Insurance claims and policyholders' benefits 77
Slide 12: Investment Summary - Consolidated
Investment Summary - Consolidated June 30, 2026 March 31, 2026 December 31, 2025 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 25,257 $ (451)
Slide 13: Investment Summary - Property & Casualty and Corporate & Other
Investment Summary - Property & Casualty and Corporate & Other June 30, 2026 March 31, 2026 December 31, 2025 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and
Slide 14: Investment Summary - Life & Group
Investment Summary - Life & Group June 30, 2026 March 31, 2026 December 31, 2025 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 10,923 $ (188)
Slide 15: Investments - Fixed Maturity Securities by Credit Rating
Investments - Fixed Maturity Securities by Credit Rating June 30, 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 Unre
Slide 16: Components of Net Investment Income
Components of Net Investment Income Consolidated Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Taxable fixed income securities $ 507 $ 508 $ 1,007 $ 1,004 Tax-exempt fixed income securities 55 36 107 70 Total fixed income securities 562 544 1,114 1,074 Common stock
Slide 17: Net Investment Gains (Losses)
Net Investment Gains (Losses) Periods ended June 30 Consolidated Three Months Six Months (In millions) 2026 2025 2026 2025 Fixed maturity securities: Corporate and other bonds $ (3) $ (40) $ (10) $ (49) States, municipalities and political subdivisions — — (1) (1) Asset-backed (5) (8) (11) (7) Total
Slide 18: Claim & Claim Adjustment Expense Reserve Rollforward
Claim & Claim Adjustment Expense Reserve Rollforward Three months ended June 30, 2026 (In millions) Specialty Commercial International P&C Operations Life & Group Corporate & Other Total Operations Claim & claim adjustment expense reserves, beginning of period Gross $ 7,785 $ 12,668 $ 3,396 $ 23,849
Slide 19: Life & Group Policyholder Reserves
Life & Group Policyholder Reserves Three months ended June 30, 2026 (In millions) Claim and claim adjustment expenses Future policy benefits Total Beginning of Period $ 523 $ 13,195 $ 13,718 Incurred claims and policyholders' benefits (1) 8 310 318 Benefit and expense payments (10) (288) (298) Chang
Slide 20: Definitions and Presentation
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 w
Slide 21: before tax, derived from our underwriting activities, which are managed separately from our investing
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