Key Highlights

  • CNA reported third quarter 2026 Net Income of $196 million, down from $403 million a year earlier.
  • Diluted earnings per share were $0.72, compared with $1.48 in the third quarter of 2025.
  • Core income fell to $203 million from $409 million, as the Life & Group segment swung to a core loss of $171 million.
  • Net earned premiums rose to $2.83 billion from $2.78 billion, while catastrophe losses reached $78 million versus $41 million.
  • The board declared a quarterly Dividend of $0.48 per share, payable Dec 3, 2026.

Long-Term Care Reserve Review Cuts Core Income by Half

CNA Financial (NYSE:CNA) filed its Quarterly Report on Nov 2, 2026, showing net income of $196 million for the third quarter ended Sep 30, 2026, about 51% below the $403 million earned a year earlier (calculated). Diluted Earnings per Share fell to $0.72 from $1.48. Total revenues were flat at $3.82 billion.

CNA is a Chicago-based commercial insurer that writes property and casualty coverage through its Specialty, Commercial and International units, and also runs a legacy Life & Group business. Its majority parent owned roughly 92% of the common stock at quarter end.

Core income, which excludes net Investment losses, dropped to $203 million from $409 million. Most of the swing came from Life & Group, where the annual reserve review lifted long-term care reserves by $173 million before tax, driven by higher cost-of-care Inflation and morbidity, partly offset by approved premium rate actions. The segment posted a core loss of $171 million versus $22 million a year earlier.

Commercial Combined Ratio Climbs to 99.7% as Specialty Margins Narrow

Net earned premiums rose 1.7% to $2.83 billion (calculated). Commercial net written premiums increased to $1.27 billion, and Specialty reached $900 million, both supported by rate and new business.

Underwriting profitability weakened. Commercial's combined ratio rose 7.0 points to 99.7%, reflecting a higher loss ratio in excess casualty and workers' compensation, $34 million of unfavorable prior-year reserve development and catastrophe losses of $70 million. Specialty's combined ratio increased 3.5 points to 96.8%, and its core income slid to $146 million from $176 million.

International was the bright spot, with a combined ratio of 86.1%, down from 91.8%, and core income of $89 million versus $47 million, helped by favorable reserve development.

Investment Income Holds at $635 Million While Equity Declines to $10.2 Billion

Net investment income was $635 million versus $638 million, as lower limited Partnership returns offset higher fixed income income. For the nine months, it rose to $1.95 billion from $1.90 billion.

Nine-month net income was $728 million, down from $976 million, and diluted earnings per share were $2.67 versus $3.58. Stockholders' equity stood at $10.23 billion at Sep 30, 2026, versus $11.62 billion at the end of 2025.

During the nine months, CNA paid dividends of $943 million, including a $2.00 per share special dividend, and repurchased 755,000 shares for $36 million.

Dividend Payable Dec 3 and Year-End Reserve Experience Are the Next Markers

The quarter showed steady premium growth and a sharp reserve-driven hit in long-term care, with the filing noting that the unfavorable Cash Flow changes are almost entirely offset by anticipated investment cash flows from recent portfolio actions, which reach earnings over time through investment income. The company declared a $0.48 quarterly dividend on Oct 30, 2026, payable Dec 3, 2026 to holders of record on Nov 16, 2026. Further catastrophe activity and reserve development in Commercial remain the items the filing flags for results ahead.