CNA Financial (CNA) Q1 2026 Financial Results Summary

CNA Financial Corporation (NYSE: CNA) released its first quarter 2026 financial results on May 4, 2026. The report shows a mixed performance across various segments compared to the same quarter a year ago.

Key Financial Metrics

• Net Income:
  • Q1 2026: $211 million ($0.78 per share)
  • Q1 2025: $274 million ($1.00 per share)
  • Decrease of 23% in net income and 22% in net income per share.
• Core Income:
  • Q1 2026: $225 million ($0.83 per share)
  • Q1 2025: $281 million ($1.03 per share)
  • Decrease of 20% in core income and 19% in core income per share.
• Property & Casualty (P&C) Core Income:
  • Q1 2026: $248 million
  • Q1 2025: $311 million
  • Decrease of 20%.
• Life & Group Core Loss:
  • Q1 2026: $9 million loss
  • Q1 2025: $6 million income
  • Transition from income to a loss of $15 million.
• Corporate & Other Core Loss:
  • Q1 2026: $14 million loss
  • Q1 2025: $36 million loss
  • Improvement of 61%.

Investment Results

• Net Investment Income:
  • Q1 2026: $610 million
  • Q1 2025: $604 million
  • Increase of 1% attributed to:
    • Fixed income securities and other investments: $568 million (up by $18 million from previous year)
    • Limited partnerships and common stock: $42 million (down by $12 million).

Combined Ratios

• P&C Combined Ratio:
  • Q1 2026: 102.2%
  • Q1 2025: 98.4%
  • Increase of 3.8 percentage points.
  • Underlying Combined Ratio: 94.5% (up from 92.1%, increase of 2.4 percentage points).
• Catastrophe Impact:
  • Impact of catastrophes in both quarters: $97 million pretax.

Premiums and Growth

• Net Written Premiums:
  • Q1 2026: $2,622 million
  • Q1 2025: $2,606 million
  • Growth of 1%.
• Renewal Premium Change:
  • Up by 3%, with rates reflecting a 2% increase.

Book Value

• Book Value per Share:
  • Q1 2026: $40.13
  • Year-end 2025: $42.93
  • Decrease of 6.5%.
• Book Value Excluding AOCI:
  • Q1 2026: $45.12
  • Year-end 2025: $46.99
  • Increase of 1%, adjusting for $2.48 of dividends per share paid.

Dividends and Shareholder Returns

• Quarterly Cash Dividend Declared:
  • $0.48 per share, payable on June 4, 2026, to shareholders of record on May 18, 2026.

Summary of Operational Segments

1. Specialty:
   • Net Written Premiums: $834 million (down 1%)
   • Underwriting Loss: $24 million (reverted from a gain).
   • Combined Ratio: 102.7% (up from 95.1%, increase of 7.6 percentage points).
2. Commercial:
   • Net Written Premiums: $1,480 million (down 1%)
   • Underwriting Loss: $49 million (up from a loss of $17 million).
   • Combined Ratio: 103.5% (up from 101.1%, increase of 2.4 percentage points).
3. International:
   • Net Written Premiums: $308 million (up 16%).
   • Underwriting Gain: $14 million (down slightly from $15 million).
   • Combined Ratio: 95.9% (up marginally from 95.4%).
4. Life & Group:
   • Net Earned Premiums: $103 million (down from $106 million).
   • Core Loss: $9 million (compared to a $6 million gain).

CNA Financial's Q1 2026 financial results indicate a challenging landscape with decreases in both net and core income, alongside mixed performance in individual business segments. While premium growth remains subdued, the company has taken steps to maintain dividends for shareholders, reflecting a commitment to returning value to investors amidst fluctuating market conditions.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Note: Amounts in millions)

Results for the Three Months Ended March 31	2026	2025
Net income	$ 211	$ 274
Core income(a)	$ 225	$ 281
Net income per diluted share	$ 0.78	$ 1.00
Core income per diluted share	$ 0.83	$ 1.03

CONDENSED CONSOLIDATED BALANCE SHEETS

(Note: Amounts in millions)

March 31, 2026	December 31, 2025
Book value per share	$ 40.13	$ 42.93
Book value per share excluding AOCI	$ 45.12	$ 46.99

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