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 First Quarter 2026 Results
CNA Financial Corporation First Quarter 2026 Results May 4, 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: First Quarter Overview
First Quarter Overview • Net income of $211 million versus $274 million in the prior year quarter; core income of $225 million versus $281 million in the prior year quarter. • P&C core income of $248 million versus $311 million, reflects lower underlying underwriting results and unfavorable prior pe
Slide 4: Financial Performance
Financial Performance 4 (In millions, except ratios and per share data) First Quarter 2026 2025 Change Revenues $3,677 $3,627 1 % Core income 225 281 (20) % Net income 211 274 (23) % Diluted earnings per common share: Core income $0.83 $1.03 (19) % Net income 0.78 1.00 (22) % Core ROE 7.2 % 9.2 % (2
Slide 5: Property & Casualty Operations
Results reflect actions to increase reserves in current and recent prior accident years on certain long-tail lines, with improvement in expense ratio Property & Casualty Operations 5 (In millions, except ratios) First Quarter 2026 2025 Net written premiums $2,622 $2,606 NWP change (% year over year)
Slide 6: Property & Casualty Production Metrics
Property & Casualty Production Metrics Continued disciplined and nuanced execution across the portfolio 6 Property & Casualty Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 4% 3% 3% 2% 2% 6% 5% 4% 4% 3% 86% 83% 81% 84% 83% Retention Renewal Premium Change Rate GWP ex. warranty captives ($M) $3,214 $3,518
Slide 7: Specialty
Results reflect reserve strengthening in current and recent prior accident years on certain long-tail lines Specialty 7 (In millions, except ratios) First Quarter 2026 2025 Net written premiums $834 $842 NWP change (% year over year) (1) % Net earned premiums $852 $830 NEP change (% year over year)
Slide 8: Specialty Production Metrics
Specialty Production Metrics Stable retention and rate with renewal premium change up one point, and new business up 13% from the prior year 8 Specialty Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 4% 4% 4% 4% 5% 89% 86% 86% 85% 86%Retention Renewal Premium Change Rate GWP ex. warranty captives ($M) $9
Slide 9: Commercial
Commercial 9 (In millions, except ratios) First Quarter 2026 2025 Net written premiums $1,480 $1,498 NWP change (% year over year) (1) % Net earned premiums $1,412 $1,380 NEP change (% year over year) 2 % Underwriting loss ($49) ($17) Loss ratio 76.2 % 73.0 % Less: Effect of catastrophe impacts 6.4
Slide 10: Commercial Production Metrics
Commercial Production Metrics 10 Commercial Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 6% 5% 5% 3% 2% 7% 6% 6% 5% 3% 84% 81% 79% 82% 81% Retention Renewal Premium Change Rate Gross Written Premiums ($M) $1,853 $2,065 $1,569 $1,846 $1,828 New Business ($M) $370 $420 $324 $377 $369 Middle Market Rate 4
Slide 11: International
International NWP growth ex. currency fluctuations up 7%, with consistently profitable results 11 (In millions, except ratios) First Quarter 2026 2025 Net written premiums $308 $266 NWP change (% year over year)1 16 % Net earned premiums $334 $310 NEP change (% year over year) 8 % Underwriting gain
Slide 12: Life & Group
Underwriting results are generally in line with expectations Life & Group 12 (In millions) First Quarter 2026 2025 Net earned premiums $103 $106 Total claims, benefits and expenses 344 330 Net investment income 224 226 Core (loss) income before income tax (17) 2 Income tax benefit 8 4 Core (loss) in
Slide 13: Pretax Net Investment Income
Pretax Net Investment Income Steady contributions from fixed income and limited partnerships 604 662 638 653 610 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Total CNAF Limited Partnership & Common Stock Highlights Fixed Income Securities 530 544 550 553 552 4.8% 4.9% 4.8% 4.9% 4.9% Fixed Income Effectiv
Slide 14: Investment Portfolio
Investment Portfolio 151 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 15: Capital
Capital • Financial strength and credit ratings from AM Best were upgraded in Dec. 2025 and outlook was revised to stable; ratings from S&P and Fitch have been affirmed with stable outlooks in the past six months; Moody's rating outlook was changed to positive in Nov. 2024 • Statutory surplus remain
Slide 16: Appendix
APPENDIX CHA
Slide 17: Reconciliation of Net Income to Core Income
Results for the Three Months Ended March 31 2026 2025 Net income $211 $274 Less: Net investment losses (14) (7) Core income $225 $281 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 pensio
Slide 18: Underwriting Gain (Loss) Non-GAAP Definitions
18 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 19: Results for the Three Months Ended March 31, 2025
19 Results for the Three Months Ended March 31, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 149 $ 124 $ 38 $ 311 Net investment losses (gains), after tax 1 — (1) — Core income $ 150 $ 124 $ 37 $ 311 Less: Net investment income 151 177 34 362 Non-insurance w
Slide 20: Reconciliation of GAAP Measures to Non-GAAP Measures
Reconciliation of GAAP Measures to Non-GAAP Measures The following table presents a reconciliation of net loss to core (loss) income for our Life & Group segment: Results for the Three Months Ended March 31 (In millions) 2026 2025 Net loss $ (11) $ (1) Net investment losses, after tax 2 7 Core (loss
Slide 21: Book Value per Share and Core Return on Equity
March 31, 2026 December 31, 2025 Book value per share $40.13 $42.93 Less: Per share impact of AOCI (4.99) (4.06) Book value per share excluding AOCI $45.12 $46.99 Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attributab