Cna Financial Corporation · NYSE:CNA
Cna Financial — Q2 2026 Earnings Presentation
23 slides from Cna Financial's earnings presentation, Aug 3, 2026
Slide 1: CNA Financial Corporation Second Quarter 2026 Results
CNA Financial Corporation Second Quarter 2026 Results August 3, 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: Second Quarter Overview
Second Quarter Overview • Net income of $321 million versus $299 million in the prior year quarter; core income of $324 million versus $335 million in the prior year quarter. • P&C core income of $426 million versus $448 million, reflects lower underlying underwriting results partially offset by hig
Slide 4: Financial Performance
Financial Performance 4 (In millions, except ratios and per share data) Second Quarter Year to Date 2026 2025 Change 2026 2025 Change Revenues $3,829 $3,717 3 % $7,506 $7,344 2 % Core income 324 335 (3) % 549 616 (11) % Net income 321 299 7 % 532 573 (7) % Diluted earnings per common share: Core inc
Slide 5: Property & Casualty Operations
Underwriting results continue to reflect prudence in loss picks, with catastrophe losses and expense ratio in line with prior Property & Casualty Operations 5 (In millions, except ratios) Second Quarter Year to Date 2026 2025 2026 2025 Net written premiums $2,965 $2,846 $5,587 $5,452 NWP change (% y
Slide 6: Property & Casualty Production Metrics
Property & Casualty Production Metrics Continued disciplined and differentiated execution across the portfolio, with 11% new business growth 6 Property & Casualty Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 6% 5% 4% 4% 3% 2% 86% 83% 81% 84% 83% 83% Retention Renewal Premium Change Rate GWP ex. warr
Slide 7: Specialty
NWP growth of 5%, with results reflecting higher loss picks for various lines Specialty 7 (In millions, except ratios) Second Quarter Year to Date 2026 2025 2026 2025 Net written premiums $937 $892 $1,771 $1,734 NWP change (% year over year) 5 % 2 % Net earned premiums $878 $862 $1,730 $1,692 NEP ch
Slide 8: Specialty Production Metrics
Specialty Production Metrics Excellent new business growth and rate of +4% 8 Specialty Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 4% 4% 4% 4% 5% 4% 89% 86% 86% 85% 86% 85%Retention Renewal Premium Change Rate GWP ex. warranty captives ($M) $989 $1,016 $1,051 $1,074 $994 $1,071 New Business ($M) $1
Slide 9: Commercial
Commercial 9 (In millions, except ratios) Second Quarter Year to Date 2026 2025 2026 2025 Net written premiums $1,643 $1,563 $3,123 $3,061 NWP change (% year over year) 5 % 2 % Net earned premiums $1,441 $1,402 $2,853 $2,782 NEP change (% year over year) 3 % 3 % Underwriting gain $50 $74 $1 $57 Loss
Slide 10: Commercial Production Metrics
Commercial Production Metrics 10 Commercial Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 7% 6% 6% 5% 3% 2% 84% 81% 79% 82% 81% 81%Retention Renewal Premium Change Rate Gross Written Premiums ($M) $1,853 $2,065 $1,569 $1,846 $1,828 $2,140 New Business ($M) $370 $420 $324 $377 $369 $446 Middle Market
Slide 11: International
International Continued profitability in a highly competitive marketplace 11 (In millions, except ratios) Second Quarter Year to Date 2026 2025 2026 2025 Net written premiums $385 $391 $693 $657 NWP change (% year over year)1 (2) % 5 % Net earned premiums $337 $324 $671 $634 NEP change (% year over
Slide 12: Life & Group
Results are in line with expectations Life & Group 12 (In millions) Second Quarter Year to Date 2026 2025 2026 2025 Net earned premiums $103 $106 $206 $212 Total claims, benefits and expenses 350 345 694 675 Net investment income 230 235 454 461 Core (loss) before income tax (18) (4) (35) (2) Income
Slide 13: Pretax Net Investment Income
Pretax Net Investment Income Strong contributions from fixed income, limited partnerships and common stock 662 638 653 610 701 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Total CNAF Limited Partnership & Common Stock Highlights Fixed Income Securities 544 550 553 552 562 4.9% 4.8% 4.9% 4.9% 4.9% Fixed I
Slide 14: Investment Portfolio
Investment Portfolio 141 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 nine months; Moody's rating outlook was changed to positive in Nov. 2024 • Statutory surplus remai
Slide 16: Appendix
APPENDIX CHA
Slide 17: Reconciliation of Net Income to Core Income
Results for the Three Months Ended June 30 Results for the Six Months Ended June 30 2026 2025 2026 2025 Net income $321 $299 $532 $573 Less: Net investment losses (3) (36) (17) (43) Core income $324 $335 $549 $616 Core income (loss) is calculated by excluding from net income (loss) the after-tax eff
Slide 18: Underwriting Gain 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 June 30, 2025
19 Results for the Three Months Ended June 30, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 165 $ 199 $ 53 $ 417 Net investment losses, after tax 12 19 — 31 Core income $ 177 $ 218 $ 53 $ 448 Less: Net investment income 170 206 38 414 Non-insurance warranty
Slide 20: Results for the Six Months Ended June 30, 2026
20 Results for the Six Months Ended June 30, 2026 (In millions) Specialty Commercial International Property & Casualty Net income $ 252 $ 338 $ 72 $ 662 Net investment losses, after tax 4 6 2 12 Core income $ 256 $ 344 $ 74 $ 674 Less: Net investment income 313 436 87 836 Non-insurance warranty reve
Slide 21: Results for the Six Months Ended June 30, 2025
21 Results for the Six Months Ended June 30, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 314 $ 323 $ 91 $ 728 Net investment losses (gains), after tax 13 19 (1) 31 Core income $ 327 $ 342 $ 90 $ 759 Less: Net investment income 321 383 72 776 Non-insurance w
Slide 22: 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 June 30 Results for the Six Months Ended June 30 (In millions) 2026 2025 2026 2025 Net loss $ (12) $ (
Slide 23: Book Value per Share and Return on Equity
June 30, 2026 December 31, 2025 Book value per share $41.34 $42.93 Less: Per share impact of AOCI (4.49) (4.06) Book value per share excluding AOCI $45.83 $46.99 Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attributabl