Key Highlights

  • Net income was USD 196 million, or USD 0.72 per diluted share, compared with USD 403 million, or USD 1.48.
  • Core income totaled USD 203 million versus USD 409 million, reflecting weaker Underwriting and lower Investment income.
  • Total revenues were USD 3,821 million, essentially flat, while claims and policyholder benefits rose to USD 2,347 million.
  • Specialty combined ratio rose to 96.8% from 93.3%, with net written premiums up to USD 900 million.

Earnings Decline

CNA Financial Corporation (NYSE:CNA) reported third-quarter 2026 Net Income of USD 196 million, or USD 0.72 per diluted share, compared with USD 403 million, or USD 1.48. Core income was USD 203 million compared with USD 409 million. Total revenues were USD 3,821 million versus USD 3,817 million, and income before income tax was USD 237 million versus USD 513 million.

Nine-month net income was USD 728 million, or USD 2.67 per diluted share, compared with USD 976 million, or USD 3.58, on revenues of USD 11,327 million versus USD 11,161 million.

Claims and Catastrophe Costs

Insurance claims and policyholders' benefits were USD 2,347 million versus USD 2,032 million, including a re-measurement loss of USD 222 million versus USD 36 million. Amortization of deferred Acquisition costs was USD 492 million and other operating expenses USD 374 million. Income tax expense was USD 41 million.

Catastrophe losses were USD 78 million versus USD 41 million, driven by severe weather events, with no catastrophe-related Reinsurance reinstatement premiums in either period and favorable net prior year reserve development of USD 1 million in both.

Specialty Segment

Specialty net written premiums rose to USD 900 million from USD 867 million on rate and higher new business, and net earned premiums were USD 907 million. Underwriting gain fell to USD 30 million from USD 60 million, net investment income was USD 150 million versus USD 162 million, and core income was USD 146 million versus USD 176 million.

The loss ratio was 62.9% versus 60.6%, the expense ratio 33.6% versus 32.5%, and the combined ratio 96.8% versus 93.3%. Nine-month Specialty net written premiums were USD 2,671 million, up USD 70 million, with a combined ratio of 98.6% versus 94.0% and new Business of USD 439 million versus USD 365 million.

Underwriting Variables to Monitor

Nine-month income before income tax was USD 909 million versus USD 1,242 million, and nine-month income tax expense was USD 181 million versus USD 266 million. Net investment losses after tax were USD 7 million in the quarter, and core income excludes net investment gains or losses and pension settlement items. On October 30, 2026 the board declared a quarterly Dividend of USD 0.48 per share, payable December 3 to holders of record on November 16, and no amounts were outstanding under the USD 250 million revolving Credit Facility or the Federal Home Loan Bank of Chicago. A Subsidiary paid dividends of USD 905 million to the parent in nine months versus USD 755 million. The company attributed lower core income to weaker underlying underwriting results and lower net investment income. Items to watch include catastrophe loss levels, reserve development, retention and rate trends and investment income. Interest expense was USD 32 million versus USD 36 million, and the effective tax rate was about 17% versus 21%.