CNA Financial Corporation filed its third-quarter 2026 earnings press release on November 2, 2026, reporting net income of $196 million and core income of $203 million for the three months ended September 30, 2026.

Key Highlights

  • Net income: $196 million, or $0.72 per diluted share, compared with $403 million, or $1.48 per diluted share, in the prior year quarter.
  • Core income: $203 million, or $0.75 per diluted share, compared with $409 million, or $1.50 per diluted share, in the prior year quarter.
  • Life & Group core loss: $171 million, including an unfavorable after-tax impact of $137 million from annual long-term care reserve assumption updates.
  • P&C combined ratio: 97.0%, up from 92.8% in the prior year quarter, with catastrophe losses of $78 million pretax, or 2.8 points of the loss ratio.
  • Net written premium growth: 3% in the P&C segments, with renewal premium change of +3% and written rate of +2%.
  • Book value per share excluding AOCI: $46.11, reflecting a 5% increase from year-end 2025 adjusting for $3.44 of dividends per share paid.
  • Quarterly dividend: $0.48 per share declared, payable December 3, 2026 to stockholders of record on November 16, 2026.

CNA Financial Third Quarter 2026 Results: LTC Reserve Charges and Higher Catastrophe Losses Weigh on Earnings

CNA Financial Corporation (NYSE:CNA) reported third-quarter 2026 results on November 2, 2026, with net income falling to $196 million from $403 million in the prior year quarter. Core income, a non-GAAP measure the company uses to monitor operations, declined to $203 million from $409 million. According to the filing, the drop was driven primarily by a $171 million core loss in the Life & Group segment, which included an unfavorable after-tax impact of $137 million from annual long-term care reserve assumption updates. The filing noted that "the unfavorable reserve assumption updates are almost entirely offset by a favorable economic impact from recent investment portfolio actions, the anticipated benefit of which is not reflected in current period earnings under GAAP accounting."

The Property & Casualty segments produced core income of $397 million, down $59 million from the prior year quarter, according to the filing. The P&C combined ratio widened to 97.0% from 92.8%, with catastrophe losses of $78 million pretax contributing 2.8 points, compared with $41 million and 1.5 points in the prior year quarter. The underlying combined ratio was 94.2%, up from 91.3%, as the underlying loss ratio increased 2.2 points to 64.1%. The filing stated there was no net prior period development impact in either the current or prior year quarters. The Specialty segment reported net written premiums of $900 million and an underlying combined ratio of 96.7%, while the Commercial segment reported net written premiums of $1,274 million and an underlying combined ratio of 92.5%.

Net investment income for the quarter was $635 million, reflecting a $23 million decrease from limited partnerships and common stock to $48 million and a $20 million increase from fixed income securities and other investments to $587 million, according to the filing. For the nine months ended September 30, 2026, net income was $728 million, or $2.67 per diluted share, and core income was $752 million, or $2.77 per diluted share. Book value per share was $37.80 as of September 30, 2026, compared with $42.93 as of December 31, 2025.

What Was Disclosed

CNA Financial disclosed third-quarter 2026 net income of $196 million and core income of $203 million, with results significantly affected by a $137 million after-tax long-term care reserve charge and higher catastrophe losses. The Board declared a quarterly dividend of $0.48 per share.