Cna Financial Corporation · NYSE:CNA
Cna Financial — Q1 2026 Earnings Presentation
21 slides from Cna Financial's earnings presentation, May 4, 2026
Slide 1: CNA Financial Corporation Supplemental Financial Information March 31, 2026
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
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 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,
Slide 4: Components of Income (Loss), Per Share Data and Return on Equity
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 Comm
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) 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
Slide 6: Property & Casualty - Results of Operations
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 p
Slide 7: Specialty - Results of Operations
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' benefit
Slide 8: Commercial - Results of Operations
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 acquisit
Slide 9: International - Results of Operations
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
Slide 10: Life & Group - Results of Operations
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
Slide 11: Corporate & Other - Results of Operations
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 — — In
Slide 12: Investment Summary - Consolidated
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 subdi
Slide 13: Investment Summary - Property & Casualty and Corporate & Other
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, munic
Slide 14: Investment Summary - Life & Group
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 subdiv
Slide 15: Investments - Fixed Maturity Securities by Credit Rating
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 Unr
Slide 16: Components of Net Investment Income
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 partn
Slide 17: Net Investment Gains (Losses)
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 preferr
Slide 18: Claim & Claim Adjustment Expense Reserve Rollforward
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 $ 23,40
Slide 19: Life & Group Policyholder Reserves
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
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: Definitions and Presentation (continued)
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