Cna Financial Corp 8-K, filed Nov 2, 2026
Cna Financial Corp (CNA)
8-K
2026-11-02
For: 2026-11-02
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Added on
November 02, 2026
About this 8-K
Cna Financial Corp filed this 8-K on November 2, 2026.
CNA Financial Corporation reported third quarter 2026 core income of $203 million and a $0.48 per share dividend. The P&C combined ratio was 97.0%; Life & Group posted a $171 million loss, including $137 million from reserve assumption updates. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 2, 2026
| (Exact name of registrant as specified in its charter) | ||
| (State or other jurisdiction | (Commission | (IRS Employer | ||||||||||||
| of incorporation) | File Number) | Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
(312 ) 822-5000
(Registrant's telephone number, including area code)
| NOT APPLICABLE | ||
| (Former name or former address, if changed since last report.) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| NYSE Texas | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On November 2, 2026 , the registrant issued a press release and posted on its website (cna.com) a financial supplement, earnings presentation and earnings remarks providing information on its results of operations for the third quarter 2026. The press release is furnished as Exhibit 99.1, the financial supplement is furnished as Exhibit 99.2, the earnings presentation is furnished as Exhibit 99.3 and the earnings remarks are furnished as Exhibit 99.4 to this Form 8-K.
The information under Item 2.02 and in Exhibits 99.1, 99.2, 99.3 and 99.4 in this Current Report is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information under Item 2.02 and in Exhibits 99.1, 99.2, 99.3 and 99.4 in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits:
See Exhibit Index.
EXHIBIT INDEX
| Exhibit No. | Description | |||||||
| CNA Financial Corporation press release, issued November 2, 2026, providing information on the third quarter 2026 results of operations. | ||||||||
| CNA Financial Corporation financial supplement, posted on its website November 2, 2026, providing supplemental financial information on the third quarter 2026. | ||||||||
| CNA Financial Corporation earnings presentation, posted on its website November 2, 2026, providing information on the third quarter 2026 results of operations. | ||||||||
| CNA Financial Corporation earnings remarks, posted on its website November 2, 2026, providing information on the third quarter 2026 results of operations. | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CNA Financial Corporation | ||||||||
| (Registrant) | ||||||||
| Date: November 2, 2026 | By | /s/ Scott R. Lindquist | ||||||
| (Signature) | ||||||||
| Scott R. Lindquist Executive Vice President and Chief Financial Officer | ||||||||
FOR IMMEDIATE RELEASE
CNA FINANCIAL ANNOUNCES THIRD QUARTER 2026
NET INCOME OF $0.72 PER SHARE AND CORE INCOME OF $0.75 PER SHARE
•Net income of $196 million versus $403 million in the prior year quarter; core income of $203 million versus $409 million in the prior year quarter.
•P&C core income of $397 million versus $456 million, reflects lower underlying underwriting results and higher catastrophe losses.
•Life & Group core loss of $171 million versus $22 million in the prior year quarter, reflects an unfavorable after-tax impact of $137 million in 2026 from our annual long-term care reserve assumption updates. However, 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.
•Corporate & Other core loss of $23 million versus $25 million in the prior year quarter.
•Net investment income of $635 million, reflects 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.
•P&C combined ratio of 97.0%, compared with 92.8% in the prior year quarter, including 2.8 points of catastrophe loss impact compared with 1.5 points in the prior year quarter. There was no net prior period development impact in the current or prior year quarters.
•Catastrophe losses of $78 million pretax versus $41 million in the prior year quarter.
•P&C underlying combined ratio was 94.2%, compared with 91.3% in the prior year quarter. P&C underlying loss ratio was 64.1%, up 2.2 points from the prior year quarter, and the expense ratio was 29.7%. Both the underlying loss ratio and the expense ratio were consistent with the first half of 2026.
•P&C segments generated net written premium growth of 3% in the quarter. P&C renewal premium change of +3%, with written rate of +2%.
•Book value per share of $37.80; book value per share excluding AOCI of $46.11, a 5% increase from year-end 2025 adjusting for $3.44 of dividends per share paid.
•Board of Directors declares regular quarterly cash dividend of $0.48 per share.
1
CHICAGO, November 2, 2026 --- CNA Financial Corporation (NYSE: CNA) today announced third quarter 2026 net income of $196 million, or $0.72 per share, versus $403 million, or $1.48 per share, in the prior year quarter. Net investment losses for the quarter were $7 million compared to $6 million in the prior year quarter. Core income for the quarter was $203 million, or $0.75 per share, versus $409 million, or $1.50 per share, in the prior year quarter.
Our Property & Casualty segments delivered core income of $397 million for the third quarter of 2026, a decrease of $59 million compared to the prior year quarter reflecting lower underlying underwriting results and higher catastrophe losses. P&C segments generated net written premium growth of 3%, due to renewal premium change of +3% and written rate of +2%.
Our Life & Group segment produced a core loss of $171 million for the third quarter of 2026 versus $22 million in the prior year quarter, reflecting an unfavorable after-tax impact of $137 million in 2026 from our annual long-term care reserve assumption updates. However, 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.
Our Corporate & Other segment reported a core loss of $23 million for the third quarter of 2026 versus $25 million in the prior year quarter.
CNA Financial declared a quarterly cash dividend of $0.48 per share, payable December 3, 2026 to stockholders of record on November 16, 2026.
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | ||||||||||||||||||||||
| ($ millions, except per share data) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net income | $ | 196 | $ | 403 | $ | 728 | $ | 976 | |||||||||||||||
Core income (a) | 203 | 409 | 752 | 1,025 | |||||||||||||||||||
| Net income per diluted share | $ | 0.72 | $ | 1.48 | $ | 2.67 | $ | 3.58 | |||||||||||||||
| Core income per diluted share | 0.75 | 1.50 | 2.77 | 3.76 | |||||||||||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||||||||
| Book value per share | $ | 37.80 | $ | 42.93 | |||||||||||||
| Book value per share excluding AOCI | 46.11 | 46.99 | |||||||||||||||
(a)Management utilizes the core income (loss) financial measure to monitor the Company's operations. Please refer herein to the Reconciliation of GAAP Measures to Non-GAAP Measures section of this press release for further discussion of this non-GAAP measure.
2
“We delivered strong third quarter results with core income of $203 million reflecting disciplined growth, high-quality underwriting results and solid investment income, even with the unfavorable accounting impact from the annual LTC reserve assumption updates. The LTC assumption updates, coupled with recent fixed income duration extension trades, confirms our belief that the risk from this runoff block is contained.
The P&C all-in combined ratio was 97.0% in the quarter, including 2.8 points of catastrophe impact and no impact from prior period development. Our underlying loss ratio of 64.1% was consistent with the first half of 2026 as we continue to maintain the conservative philosophy that underlies our loss picks and assumptions. Our underlying combined ratio of 94.2% includes an expense ratio of 29.7%.
Net written premiums grew 3% in the quarter, with stable retention at 83% and modest growth in new business. While we continue to see opportunities for growth, there are areas across many portions of the portfolio where we chose to walk away given current market conditions do not support appropriate pricing, terms and conditions.
Renewal premium change was up 3% while rate increase was 2%. Still-substantial rate increase in casualty lines impacted by social inflation and higher rate in our Specialty segment offset rate decreases in property, workers’ compensation and our International segment.
Looking ahead, we remain committed to deliberate portfolio management and profitable growth. As we move through the fourth quarter and into 2027, we will selectively deploy capacity where market conditions provide attractive risk adjusted returns, while maintaining the underwriting discipline to step back where they do not,” said Douglas M. Worman, Chairman & Chief Executive Officer of CNA Financial Corporation.
3
Property & Casualty Operations
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Net written premiums | $ | 2,507 | $ | 2,437 | $ | 8,094 | $ | 7,889 | |||||||||||||||||||||||||||
| NWP change (% year over year) | 3 | % | 3 | % | |||||||||||||||||||||||||||||||
| Net earned premiums | $ | 2,731 | $ | 2,678 | $ | 7,985 | $ | 7,786 | |||||||||||||||||||||||||||
| NEP change (% year over year) | 2 | % | 3 | % | |||||||||||||||||||||||||||||||
| Underwriting gain | $ | 82 | $ | 194 | $ | 115 | $ | 384 | |||||||||||||||||||||||||||
| Net investment income | $ | 402 | $ | 396 | $ | 1,238 | $ | 1,172 | |||||||||||||||||||||||||||
| Core income | $ | 397 | $ | 456 | $ | 1,071 | $ | 1,215 | |||||||||||||||||||||||||||
| Loss ratio | 66.9 | % | 63.4 | % | 68.3 | % | 65.0 | % | |||||||||||||||||||||||||||
| Less: Effect of catastrophe impacts | 2.8 | 1.5 | 2.9 | 2.6 | |||||||||||||||||||||||||||||||
| Less: Effect of unfavorable development-related items | — | — | 1.3 | 0.8 | |||||||||||||||||||||||||||||||
| Underlying loss ratio | 64.1 | % | 61.9 | % | 64.1 | % | 61.6 | % | |||||||||||||||||||||||||||
| Expense ratio | 29.7 | % | 29.1 | % | 29.9 | % | 29.7 | % | |||||||||||||||||||||||||||
| Combined ratio | 97.0 | % | 92.8 | % | 98.6 | % | 95.1 | % | |||||||||||||||||||||||||||
| Underlying combined ratio | 94.2 | % | 91.3 | % | 94.4 | % | 91.7 | % | |||||||||||||||||||||||||||
•The underlying combined ratio increased 2.9 points as compared with the prior year quarter, primarily the result of a 2.2 point increase in the underlying loss ratio to 64.1%, with increases across each segment. The underlying loss ratio and the expense ratio were generally consistent with the first half of 2026.
•The combined ratio increased 4.2 points as compared with the prior year quarter. Catastrophe losses were $78 million, or 2.8 points of the loss ratio, in the quarter compared with $41 million, or 1.5 points of the loss ratio, for the prior year quarter.
4
Business Operating Highlights
Specialty
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Net written premiums | $ | 900 | $ | 867 | $ | 2,671 | $ | 2,601 | |||||||||||||||||||||||||||
| NWP change (% year over year) | 4 | % | 3 | % | |||||||||||||||||||||||||||||||
| Net earned premiums | $ | 907 | $ | 881 | $ | 2,637 | $ | 2,573 | |||||||||||||||||||||||||||
| NEP change (% year over year) | 3 | % | 2 | % | |||||||||||||||||||||||||||||||
| Underwriting gain | $ | 30 | $ | 60 | $ | 38 | $ | 155 | |||||||||||||||||||||||||||
| Loss ratio | 62.9 | % | 60.6 | % | 64.7 | % | 60.7 | % | |||||||||||||||||||||||||||
| Less: Effect of catastrophe impacts | 0.1 | — | — | — | |||||||||||||||||||||||||||||||
| Less: Effect of unfavorable development-related items | — | — | 1.9 | 0.4 | |||||||||||||||||||||||||||||||
| Underlying loss ratio | 62.8 | % | 60.6 | % | 62.8 | % | 60.3 | % | |||||||||||||||||||||||||||
| Expense ratio | 33.6 | % | 32.5 | % | 33.5 | % | 33.0 | % | |||||||||||||||||||||||||||
| Combined ratio | 96.8 | % | 93.3 | % | 98.6 | % | 94.0 | % | |||||||||||||||||||||||||||
| Underlying combined ratio | 96.7 | % | 93.3 | % | 96.7 | % | 93.6 | % | |||||||||||||||||||||||||||
•The underlying combined ratio increased 3.4 points as compared with the prior year quarter. The underlying loss ratio increased 2.2 points as compared with the prior year quarter, reflecting increases across various lines, and was consistent with the first half of 2026. The expense ratio increased 1.1 points as compared with the prior year quarter primarily driven by higher acquisition costs.
•The combined ratio increased 3.5 points as compared with the prior year quarter.
5
Commercial
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Net written premiums | $ | 1,274 | $ | 1,251 | $ | 4,397 | $ | 4,312 | |||||||||||||||||||||||||||
| NWP change (% year over year) | 2 | % | 2 | % | |||||||||||||||||||||||||||||||
| Net earned premiums | $ | 1,475 | $ | 1,453 | $ | 4,328 | $ | 4,235 | |||||||||||||||||||||||||||
| NEP change (% year over year) | 2 | % | 2 | % | |||||||||||||||||||||||||||||||
| Underwriting gain | $ | 3 | $ | 106 | $ | 4 | $ | 163 | |||||||||||||||||||||||||||
| Loss ratio | 73.0 | % | 66.1 | % | 72.9 | % | 68.7 | % | |||||||||||||||||||||||||||
| Less: Effect of catastrophe impacts | 4.8 | 2.7 | 5.0 | 4.3 | |||||||||||||||||||||||||||||||
| Less: Effect of unfavorable development-related items | 2.4 | — | 2.1 | 1.3 | |||||||||||||||||||||||||||||||
| Underlying loss ratio | 65.8 | % | 63.4 | % | 65.8 | % | 63.1 | % | |||||||||||||||||||||||||||
| Expense ratio | 26.2 | % | 26.1 | % | 26.5 | % | 26.9 | % | |||||||||||||||||||||||||||
| Combined ratio | 99.7 | % | 92.7 | % | 99.9 | % | 96.1 | % | |||||||||||||||||||||||||||
| Underlying combined ratio | 92.5 | % | 90.0 | % | 92.8 | % | 90.5 | % | |||||||||||||||||||||||||||
•The underlying combined ratio increased 2.5 points as compared with the prior year quarter. The underlying loss ratio increased 2.4 points as compared with the prior year quarter, primarily the result of increases in excess casualty and workers' compensation, and was consistent with the first half of 2026. The expense ratio was consistent with the prior year quarter.
•The combined ratio increased 7.0 points as compared with the prior year quarter. Catastrophe losses were $70 million, or 4.8 points of the loss ratio in the quarter compared with $39 million, or 2.7 points of the loss ratio, for the prior year quarter. Unfavorable net prior period development increased the loss ratio by 2.4 points in the current quarter as compared with no net prior period development impact in the prior year quarter.
6
International
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Net written premiums | $ | 333 | $ | 319 | $ | 1,026 | $ | 976 | |||||||||||||||||||||||||||
| NWP change (% year over year) | 4 | % | 5 | % | |||||||||||||||||||||||||||||||
| Net earned premiums | $ | 349 | $ | 344 | $ | 1,020 | $ | 978 | |||||||||||||||||||||||||||
| NEP change (% year over year) | 1 | % | 4 | % | |||||||||||||||||||||||||||||||
| Underwriting gain | $ | 49 | $ | 28 | $ | 73 | $ | 66 | |||||||||||||||||||||||||||
| Loss ratio | 51.8 | % | 59.1 | % | 58.2 | % | 60.3 | % | |||||||||||||||||||||||||||
| Less: Effect of catastrophe impacts | 2.1 | 0.6 | 1.8 | 1.8 | |||||||||||||||||||||||||||||||
| Less: Effect of favorable development-related items | (10.1) | — | (3.4) | — | |||||||||||||||||||||||||||||||
| Underlying loss ratio | 59.8 | % | 58.5 | % | 59.8 | % | 58.5 | % | |||||||||||||||||||||||||||
| Expense ratio | 34.3 | % | 32.7 | % | 34.7 | % | 32.9 | % | |||||||||||||||||||||||||||
| Combined ratio | 86.1 | % | 91.8 | % | 92.9 | % | 93.2 | % | |||||||||||||||||||||||||||
| Underlying combined ratio | 94.1 | % | 91.2 | % | 94.5 | % | 91.4 | % | |||||||||||||||||||||||||||
•The underlying combined ratio increased 2.9 points as compared with the prior year quarter. The expense ratio increased 1.6 points, which reflects higher acquisition costs. The underlying loss ratio increased 1.3 points as compared with the prior year quarter, with increases across most lines, and was consistent with the first half of 2026.
•The combined ratio improved 5.7 points as compared with the prior year quarter. Favorable net prior period development improved the loss ratio by 10.1 points in the current quarter as compared with no net prior period development in the prior year quarter. Catastrophe losses were $8 million, or 2.1 points of the loss ratio in the quarter compared with $2 million or 0.6 points of the loss ratio, for the prior year quarter.
•Excluding currency fluctuations, net written premiums grew 6% for the third quarter of 2026.
7
Life & Group
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Net earned premiums | $ | 101 | $ | 106 | $ | 307 | $ | 318 | |||||||||||||||||||||||||||
| Claims, benefits and expenses | 547 | 365 | 1,241 | 1,040 | |||||||||||||||||||||||||||||||
| Net investment income | $ | 223 | $ | 226 | $ | 677 | $ | 687 | |||||||||||||||||||||||||||
| Core loss | $ | (171) | $ | (22) | $ | (190) | $ | (15) | |||||||||||||||||||||||||||
Core results decreased $149 million for the third quarter of 2026 as compared with the prior year quarter. Both periods are inclusive of assumption updates as a result of the annual reserve reviews.
The assumption updates in the third quarter of 2026 unfavorably impacted core loss by $137 million after-tax primarily driven by unfavorable cost of care inflation and morbidity assumption updates, partially offset by favorable premium rate action outperformance. However, the unfavorable expected cash flows from the reserve assumption updates are almost entirely offset by a favorable economic impact from higher future investment cash flows from recent investment portfolio actions. Under GAAP accounting, the anticipated benefits of these portfolio actions are not immediately reflected in earnings, but instead are recognized through net investment income over time.
The assumption updates in the third quarter of 2025 unfavorably impacted core loss by $7 million after-tax.
Corporate & Other
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Insurance claims and policyholders' benefits | $ | (6) | $ | (10) | $ | 54 | $ | 107 | |||||||||||||||||||||||||||
| Interest expense | 32 | 36 | 98 | 99 | |||||||||||||||||||||||||||||||
| Net investment income | 10 | 16 | 31 | 45 | |||||||||||||||||||||||||||||||
| Core loss | (23) | (25) | (129) | (175) | |||||||||||||||||||||||||||||||
Core loss improved $2 million for the third quarter of 2026 as compared with the prior year quarter.
Net Investment Income
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
| Fixed income securities and other | $ | 587 | $ | 567 | $ | 1,725 | $ | 1,679 | |||||||||||||||||||||||||||
| Limited partnership and common stock investments | 48 | 71 | 221 | 225 | |||||||||||||||||||||||||||||||
| Net investment income | $ | 635 | $ | 638 | $ | 1,946 | $ | 1,904 | |||||||||||||||||||||||||||
Net investment income decreased $3 million for the third quarter of 2026. The decrease was driven by lower limited partnership returns, partially offset by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates.
Stockholders' Equity
Stockholders’ equity of $10.2 billion decreased 12% from year-end 2025, primarily due to an increase in net unrealized investment losses as a result of higher interest rates and dividends paid to stockholders, partially offset by net income.
Book value per share ex AOCI of $46.11 increased 5% from year-end 2025 adjusting for $3.44 of dividends per share.
As of September 30, 2026, statutory capital and surplus for the Combined Continental Casualty Companies was $11.2 billion.
8
About the Company
CNA is one of the largest U.S. commercial property and casualty insurance companies. Backed by more than 125 years of experience, CNA provides a broad range of standard and specialized insurance products and services for businesses and professionals in the U.S., Canada and Europe. For more information, please visit CNA at cna.com.
Contacts
| Media: | Analysts: | |||||||
Kelly Messina | Vice President, Marketing | Ralitza K. Todorova | Vice President, Investor Relations & Rating Agencies | |||||||
| 872-817-0350 | 312-822-3834 | |||||||
Earnings Remarks & Materials
A transcript of earnings remarks will be available on CNA's website at cna.com via the Investor Relations section. Remarks will include commentary from the Company's Chairman and Chief Executive Officer, Douglas M. Worman, and Chief Financial Officer, Scott R. Lindquist. An earnings presentation and financial supplement information related to the results will also be posted and available on the CNA website.
Definition of Reported Segments
•Specialty provides management and professional liability and other coverages through property and casualty products and services using a network of retail and wholesale brokers, independent agencies and managing general underwriters.
•Commercial works with a network of retail and wholesale brokers and independent agents to market a broad range of property and casualty insurance products to all types of insureds targeting small business, construction, middle market and other commercial customers.
•International underwrites property and casualty coverages on a global basis through a branch operation in Canada, a European business consisting of insurance companies based in the U.K. and Luxembourg and Hardy, our Lloyd's Syndicate.
•Life & Group includes the individual and group run-off long-term care businesses as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants.
•Corporate & Other primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including asbestos and environmental pollution (A&EP), a legacy portfolio of excess workers' compensation (EWC) policies and legacy mass tort reserves.
Financial Measures
Management utilizes the following metrics in their evaluation of the Property & Casualty Operations.
These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).
•Loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums.
•Underlying loss ratio represents the loss ratio excluding catastrophe-related reinstatement premiums, catastrophe losses and development-related items.
•Expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums.
•Dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums.
•Combined ratio is the sum of the loss ratio, the expense and the dividend ratio.
•Underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio.
The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate our underwriting performance since they remove the impact of catastrophes, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance. The components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for Property & Casualty, Specialty, Commercial and International segments are set forth on pages 3, 4, 5 and 6, respectively.
9
Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes.
Rate represents the average change in price on policies that renew excluding exposure change.
Exposure represents the measure of risk used in the pricing of the insurance product. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy.
Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew.
New business represents premiums from policies written with new customers and additional policies written with existing customers.
Development-related items represent net prior year loss reserve and premium development, and include the effects of interest accretion and change in allowance for uncollectible reinsurance.
Statutory capital and surplus represents the excess of an insurance company's admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices. Statutory capital and surplus as of the current period is preliminary.
The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk.
Reconciliation of GAAP Measures to Non-GAAP Measures
Management utilizes financial measures not in accordance with GAAP to monitor the Company's insurance operations and investment portfolio. The Company believes the presentation of these measures provides investors with a better understanding of the significant factors that comprise the Company's operating performance. Reconciliations of these measures to the most comparable GAAP measures follow below.
Reconciliation of Net Income (Loss) to Core Income (Loss)
Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of our primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding our defined benefit pension plans which are unrelated to our primary operations. Management monitors core income (loss) for each business segment to assess segment performance. Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure.
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | ||||||||||||||||||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net income | $ | 196 | $ | 403 | $ | 728 | $ | 976 | |||||||||||||||
| Less: Net investment losses | (7) | (6) | (24) | (49) | |||||||||||||||||||
| Core income | $ | 203 | $ | 409 | $ | 752 | $ | 1,025 | |||||||||||||||
Reconciliation of Net Income (Loss) per Diluted Share to Core Income (Loss) per Diluted Share
Core income (loss) per diluted share provides management and investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core income (loss). Core income (loss) per diluted share is core income (loss) on a per diluted share basis.
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income per diluted share | $ | 0.72 | $ | 1.48 | $ | 2.67 | $ | 3.58 | |||||||||||||||
| Less: Net investment losses | (0.03) | (0.02) | (0.10) | (0.18) | |||||||||||||||||||
| Core income per diluted share | $ | 0.75 | $ | 1.50 | $ | 2.77 | $ | 3.76 | |||||||||||||||
10
Reconciliation of Net Income (Loss) to Underwriting Gain (Loss) and Underlying Underwriting Gain (Loss)
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 expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities which are managed separately from our investing activities.
Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting results excluding catastrophe-related reinstatement premiums, catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities, excluding the impact of catastrophes, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance. The following tables present reconciliations of net income to core income, underwriting gain and underlying underwriting gain for our Property & Casualty Operations.
| Results for the Three Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||
| Specialty | Commercial | International | Property & Casualty | ||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||
| Net income | $ | 143 | $ | 160 | $ | 88 | $ | 391 | |||||||||||||||||||||||||||
| Net investment losses, after tax | 3 | 2 | 1 | 6 | |||||||||||||||||||||||||||||||
| Core income | $ | 146 | $ | 162 | $ | 89 | $ | 397 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
| Net investment income | 150 | 204 | 48 | 402 | |||||||||||||||||||||||||||||||
| Non-insurance warranty revenue (expense) | 18 | — | — | 18 | |||||||||||||||||||||||||||||||
| Other revenue (expense), including interest expense | (13) | (5) | 14 | (4) | |||||||||||||||||||||||||||||||
| Income tax expense on core income | (39) | (40) | (22) | (101) | |||||||||||||||||||||||||||||||
| Underwriting gain | 30 | 3 | 49 | 82 | |||||||||||||||||||||||||||||||
| Catastrophe-related reinstatement premiums | — | — | — | — | |||||||||||||||||||||||||||||||
| Catastrophe losses | — | 70 | 8 | 78 | |||||||||||||||||||||||||||||||
| Effect of unfavorable (favorable) development-related items | — | 35 | (35) | — | |||||||||||||||||||||||||||||||
| Underlying underwriting gain | $ | 30 | $ | 108 | $ | 22 | $ | 160 | |||||||||||||||||||||||||||
| Results for the Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||
| Specialty | Commercial | International | Property & Casualty | ||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||
| Net income | $ | 173 | $ | 229 | $ | 44 | $ | 446 | |||||||||||||||||||||||||||
| Net investment losses, after tax | 3 | 4 | 3 | 10 | |||||||||||||||||||||||||||||||
| Core income | $ | 176 | $ | 233 | $ | 47 | $ | 456 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
| Net investment income | 162 | 192 | 42 | 396 | |||||||||||||||||||||||||||||||
| Non-insurance warranty revenue (expense) | 16 | — | — | 16 | |||||||||||||||||||||||||||||||
| Other revenue (expense), including interest expense | (15) | (3) | 1 | (17) | |||||||||||||||||||||||||||||||
| Income tax expense on core income | (47) | (62) | (24) | (133) | |||||||||||||||||||||||||||||||
| Underwriting gain | 60 | 106 | 28 | 194 | |||||||||||||||||||||||||||||||
| Catastrophe-related reinstatement premiums | — | — | — | — | |||||||||||||||||||||||||||||||
| Catastrophe losses | — | 39 | 2 | 41 | |||||||||||||||||||||||||||||||
| Effect of development-related items | — | — | — | — | |||||||||||||||||||||||||||||||
| Underlying underwriting gain | $ | 60 | $ | 145 | $ | 30 | $ | 235 | |||||||||||||||||||||||||||
11
| Results for the Nine Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||
| Specialty | Commercial | International | Property & Casualty | ||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||
| Net income | $ | 395 | $ | 498 | $ | 160 | $ | 1,053 | |||||||||||||||||||||||||||
| Net investment losses, after tax | 7 | 8 | 3 | 18 | |||||||||||||||||||||||||||||||
| Core income | $ | 402 | $ | 506 | $ | 163 | $ | 1,071 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
| Net investment income | 463 | 640 | 135 | 1,238 | |||||||||||||||||||||||||||||||
| Non-insurance warranty revenue (expense) | 47 | — | — | 47 | |||||||||||||||||||||||||||||||
| Other revenue (expense), including interest expense | (39) | (10) | 12 | (37) | |||||||||||||||||||||||||||||||
| Income tax expense on core income | (107) | (128) | (57) | (292) | |||||||||||||||||||||||||||||||
| Underwriting gain | 38 | 4 | 73 | 115 | |||||||||||||||||||||||||||||||
| Catastrophe-related reinstatement premiums | — | 9 | — | 9 | |||||||||||||||||||||||||||||||
| Catastrophe losses | — | 207 | 19 | 226 | |||||||||||||||||||||||||||||||
| Effect of unfavorable (favorable) development-related items | 50 | 92 | (35) | 107 | |||||||||||||||||||||||||||||||
| Underlying underwriting gain | $ | 88 | $ | 312 | $ | 57 | $ | 457 | |||||||||||||||||||||||||||
| Results for the Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||
| Specialty | Commercial | International | Property & Casualty | ||||||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||||||||
| Net income | $ | 487 | $ | 552 | $ | 135 | $ | 1,174 | |||||||||||||||||||||||||||
| Net investment losses, after tax | 16 | 23 | 2 | 41 | |||||||||||||||||||||||||||||||
| Core income | $ | 503 | $ | 575 | $ | 137 | $ | 1,215 | |||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
| Net investment income | 483 | 575 | 114 | 1,172 | |||||||||||||||||||||||||||||||
| Non-insurance warranty revenue (expense) | 42 | — | — | 42 | |||||||||||||||||||||||||||||||
| Other revenue (expense), including interest expense | (40) | (10) | 12 | (38) | |||||||||||||||||||||||||||||||
| Income tax expense on core income | (137) | (153) | (55) | (345) | |||||||||||||||||||||||||||||||
| Underwriting gain | 155 | 163 | 66 | 384 | |||||||||||||||||||||||||||||||
| Catastrophe-related reinstatement premiums | — | — | — | — | |||||||||||||||||||||||||||||||
| Catastrophe losses | — | 182 | 18 | 200 | |||||||||||||||||||||||||||||||
| Effect of unfavorable development-related items | 10 | 54 | — | 64 | |||||||||||||||||||||||||||||||
| Underlying underwriting gain | $ | 165 | $ | 399 | $ | 84 | $ | 648 | |||||||||||||||||||||||||||
12
Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI
Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attributable to the Company's business operations. The Company believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.
| September 30, 2026 | December 31, 2025 | ||||||||||
| Book value per share | $ | 37.80 | $ | 42.93 | |||||||
| Less: Per share impact of AOCI | (8.31) | (4.06) | |||||||||
| Book value per share excluding AOCI | $ | 46.11 | $ | 46.99 | |||||||
Calculation of Return on Equity and Core Return on Equity
Core return on equity provides management and investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to its business operations.
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | |||||||||||||||||||||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Annualized net income | $ | 784 | $ | 1,615 | $ | 970 | $ | 1,302 | ||||||||||||||||||
Average stockholders' equity including AOCI (a) | 10,708 | 10,992 | 10,925 | 10,917 | ||||||||||||||||||||||
| Return on equity | 7.3 | % | 14.7 | % | 8.9 | % | 11.9 | % | ||||||||||||||||||
| Annualized core income | $ | 812 | $ | 1,637 | $ | 1,003 | $ | 1,367 | ||||||||||||||||||
Average stockholders' equity excluding AOCI (a) | 12,440 | 12,390 | 12,598 | 12,518 | ||||||||||||||||||||||
| Core return on equity | 6.5 | % | 13.2 | % | 8.0 | % | 10.9 | % | ||||||||||||||||||
(a)Average stockholders' equity is calculated using a simple average of the beginning and ending balances for the period.
For additional information, please refer to CNA's most recent 10-K on file with the Securities and Exchange Commission, as well as the financial supplement, available at cna.com.
Forward-Looking Statements
This press release includes statements that relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by CNA. For a detailed description of these risks and uncertainties, please refer to CNA’s filings with the Securities and Exchange Commission, available at cna.com.
Any forward-looking statements made in this press release are made by CNA as of the date of this press release. Further, CNA does not have any obligation to update or revise any forward-looking statement contained in this press release, even if CNA’s expectations or any related events, conditions or circumstances change.
Any descriptions of coverage under CNA policies or programs in this press release are provided for convenience only and are not to be relied upon with respect to questions of coverage, exclusions or limitations. With regard to all such matters, the terms and provisions of relevant insurance policies are primary and controlling. In addition, please note that all coverages may not be available in all states.
“CNA" is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the "CNA" trademark in connection with insurance underwriting and claims activities. Copyright © 2026 CNA. All rights reserved.
# # #
13
CNA Financial Corporation Supplemental Financial Information September 30, 2026 This report is for informational purposes only and includes consolidated financial statements and financial exhibits that are unaudited. This report should be read in conjunction with documents filed with the U.S. Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Table of Contents Consolidated Results Statements of Operations 1 Components of Income (Loss), Per Share Data and Return on Equity 2 Selected Balance Sheet Data and Statements of Cash Flows Data 3 Results of Operations Property & Casualty 4 Specialty 5 Commercial 6 International 7 Life & Group 8 Corporate & Other 9 Investment Information Investment Summary - Consolidated 10 Investment Summary - Property & Casualty and Corporate & Other 11 Investment Summary - Life & Group 12 Investments - Fixed Maturity Securities by Credit Rating 13 Components of Net Investment Income 14 Net Investment Gains (Losses) 15 Other Claim & Claim Adjustment Expense Reserve Rollforward 16 Life & Group Policyholder Reserves 17 Definitions and Presentation 18 Page
Statements of Operations Periods ended September 30 Three Months Nine Months (In millions) 2026 2025 Change 2026 2025 Change Revenues: Net earned premiums $ 2,831 $ 2,783 2 % $ 8,291 $ 8,103 2 % Net investment income 635 638 — 1,946 1,904 2 Net investment (losses) gains (9) (7) (32) (62) Non-insurance warranty revenue 357 393 1,098 1,188 Other revenues 7 10 24 28 Total revenues 3,821 3,817 — 11,327 11,161 1 Claims, Benefits and Expenses: Insurance claims and policyholders’ benefits (re-measurement loss of $222, $36, $266 and $59) 2,347 2,032 6,691 6,144 Amortization of deferred acquisition costs 492 483 1,449 1,423 Non-insurance warranty expense 339 377 1,051 1,146 Other operating expenses 374 376 1,129 1,107 Interest expense 32 36 98 99 Total claims, benefits and expenses 3,584 3,304 (8) 10,418 9,919 (5) Income (loss) before income tax 237 513 909 1,242 Income tax (expense) benefit (41) (110) (181) (266) Net income (loss) $ 196 $ 403 (51) % $ 728 $ 976 (25) % 1
Components of Income (Loss), Per Share Data and Return on Equity Periods ended September 30 Three Months Nine Months (In millions, except per share data) 2026 2025 2026 2025 Components of Income (Loss) Core income (loss) $ 203 $ 409 $ 752 $ 1,025 Net investment gains (losses) (7) (6) (24) (49) Net income (loss) $ 196 $ 403 $ 728 $ 976 Diluted Earnings (Loss) Per Common Share Core income (loss) $ 0.75 $ 1.50 $ 2.77 $ 3.76 Net investment gains (losses) (0.03) (0.02) (0.10) (0.18) Diluted earnings (loss) per share $ 0.72 $ 1.48 $ 2.67 $ 3.58 Weighted Average Outstanding Common Stock and Common Stock Equivalents Basic 270.9 271.1 271.0 271.2 Diluted 272.0 272.3 272.0 272.4 Return on Equity Net income (loss) (1) 7.3 % 14.7 % 8.9 % 11.9 % Core income (loss) (2) 6.5 13.2 8.0 10.9 (1) Annualized net income (loss) divided by the average stockholders' equity including accumulated other comprehensive income (loss) (AOCI) for the period. Average equity including AOCI is calculated using a simple average of the beginning and ending balances for the period. (2) Annualized core income (loss) divided by the average stockholders' equity excluding AOCI for the period. Average equity excluding AOCI is calculated using a simple average of the beginning and ending balances for the period. 2
Selected Balance Sheet Data and Statements of Cash Flows Data (In millions, except per share data) September 30, 2026 December 31, 2025 Total investments $ 48,642 $ 50,447 Reinsurance receivables, net of allowance for uncollectible receivables 6,552 6,381 Total assets 67,902 69,443 Insurance reserves 48,068 47,682 Claim and claim adjustment expenses 27,917 26,599 Unearned premiums 7,714 7,635 Future policy benefits 12,437 13,448 Debt 2,974 2,971 Total liabilities 57,673 57,822 Accumulated other comprehensive income (loss) (1) (2,249) (1,098) Total stockholders' equity 10,229 11,621 Book value per common share $ 37.80 $ 42.93 Book value per common share excluding AOCI $ 46.11 $ 46.99 Outstanding shares of common stock (in millions of shares) 270.6 270.7 Statutory capital and surplus - Combined Continental Casualty Companies (2) $ 11,246 $ 11,578 Three Months Ended September 30 2026 2025 Net cash flows provided (used) by operating activities $ 654 $ 720 Net cash flows provided (used) by investing activities (497) (975) Net cash flows provided (used) by financing activities (134) 369 Net cash flows provided (used) by operating, investing and financing activities $ 23 $ 114 Nine Months Ended September 30 2026 2025 Net cash flows provided (used) by operating activities $ 1,696 $ 1,920 Net cash flows provided (used) by investing activities (752) (1,446) Net cash flows provided (used) by financing activities (1,001) (478) Net cash flows provided (used) by operating, investing and financing activities $ (57) $ (4) (1) As of September 30, 2026 and December 31, 2025, AOCI included after-tax cumulative impacts of changes in discount rates used to measure long duration contracts of $1,190 million and $192 million. (2) Statutory capital and surplus as of September 30, 2026 is preliminary. 3
Property & Casualty - Results of Operations Periods ended September 30 Three Months Nine Months (In millions) 2026 2025 Change 2026 2025 Change Gross written premiums $ 3,524 $ 3,591 (2) % $ 11,425 $ 11,683 (2) % Gross written premiums ex. warranty captives 3,012 2,941 2 9,887 9,674 2 Net written premiums 2,507 2,437 3 8,094 7,889 3 Net earned premiums 2,731 2,678 2 7,985 7,786 3 Insurance claims and policyholders' benefits 1,837 1,706 5,487 5,088 Amortization of deferred acquisition costs 492 483 1,449 1,423 Insurance related administrative expenses 320 295 934 891 Underwriting gain (loss) 82 194 (58) 115 384 (70) Net investment income 402 396 2 1,238 1,172 6 Non-insurance warranty revenue 357 393 1,098 1,188 Other revenues 5 9 23 27 Non-insurance warranty expense 339 377 1,051 1,146 Other expenses 9 26 60 65 Interest expense — — — — Core income (loss) before income tax 498 589 1,363 1,560 Income tax (expense) benefit on core income (loss) (101) (133) (292) (345) Core income (loss) $ 397 $ 456 (13) % $ 1,071 $ 1,215 (12) % Other Performance Metrics Underwriting gain (loss) $ 82 $ 194 (58) % $ 115 $ 384 (70) % Catastrophe-related reinstatement premiums — — 9 — Catastrophe losses 78 41 226 200 (Favorable) unfavorable net prior year loss reserve development (1) (1) 93 56 (Favorable) unfavorable other development-related items (1) 1 1 14 8 Effect of (favorable) unfavorable development-related items — — 107 64 Underlying underwriting gain (loss) $ 160 $ 235 (32) % $ 457 $ 648 (29) % Loss & LAE ratio 66.9 % 63.4 % (3.5) pts 68.3 % 65.0 % (3.3) pts Expense ratio 29.7 29.1 (0.6) 29.9 29.7 (0.2) Dividend ratio 0.4 0.3 (0.1) 0.4 0.4 — Combined ratio 97.0 % 92.8 % (4.2) pts 98.6 % 95.1 % (3.5) pts Less: Effect of catastrophe impacts 2.8 1.5 (1.3) 2.9 2.6 (0.3) Less: Effect of (favorable) unfavorable development-related items — — — 1.3 0.8 (0.5) Underlying combined ratio 94.2 % 91.3 % (2.9) pts 94.4 % 91.7 % (2.7) pts Rate 2 % 3 % (1) pts 1 % 3 % (2) pts Renewal premium change 3 % 4 % (1) pts 3 % 5 % (2) pts Retention 83 % 81 % 2 pts 83 % 83 % — pts New business $ 555 $ 549 1 % $ 1,854 $ 1,759 5 % (1) Other development-related items represent net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 4
Specialty - Results of Operations Periods ended September 30 Three Months Nine Months (In millions) 2026 2025 Change 2026 2025 Change Gross written premiums $ 1,583 $ 1,700 (7) % $ 4,673 $ 5,064 (8) % Gross written premiums ex. warranty captives 1,070 1,051 2 3,135 3,056 3 Net written premiums 900 867 4 2,671 2,601 3 Net earned premiums 907 881 3 2,637 2,573 2 Insurance claims and policyholders' benefits 573 536 1,717 1,569 Amortization of deferred acquisition costs 207 197 605 581 Insurance related administrative expenses 97 88 277 268 Underwriting gain (loss) 30 60 (50) 38 155 (75) Net investment income 150 162 (7) 463 483 (4) Non-insurance warranty revenue 357 393 1,098 1,188 Other revenues — 1 1 1 Non-insurance warranty expense 339 377 1,051 1,146 Other expenses 13 16 40 41 Interest expense — — — — Core income (loss) before income tax 185 223 509 640 Income tax (expense) benefit on core income (loss) (39) (47) (107) (137) Core income (loss) $ 146 $ 176 (17) % $ 402 $ 503 (20) % Other Performance Metrics Underwriting gain (loss) $ 30 $ 60 (50) % $ 38 $ 155 (75) % Catastrophe losses — — — — (Favorable) unfavorable net prior year loss reserve development — — 44 10 (Favorable) unfavorable other development-related items (1) — — 6 — Effect of (favorable) unfavorable development-related items — — 50 10 Underlying underwriting gain (loss) $ 30 $ 60 (50) % $ 88 $ 165 (47) % Loss & LAE ratio 62.9 % 60.6 % (2.3) pts 64.7 % 60.7 % (4.0) pts Expense ratio 33.6 32.5 (1.1) 33.5 33.0 (0.5) Dividend ratio 0.3 0.2 (0.1) 0.4 0.3 (0.1) Combined ratio 96.8 % 93.3 % (3.5) pts 98.6 % 94.0 % (4.6) pts Less: Effect of catastrophe impacts 0.1 — (0.1) — — — Less: Effect of (favorable) unfavorable development-related items — — — 1.9 0.4 (1.5) Underlying combined ratio 96.7 % 93.3 % (3.4) pts 96.7 % 93.6 % (3.1) pts Rate 4 % 3 % 1 pts 4 % 3 % 1 pts Renewal premium change 5 % 4 % 1 pts 5 % 4 % 1 pts Retention 83 % 86 % (3) pts 84 % 87 % (3) pts New business $ 137 $ 131 5 % $ 439 $ 365 20 % (1) Other development-related items represent net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 5
Commercial - Results of Operations Periods ended September 30 Three Months Nine Months (In millions) 2026 2025 Change 2026 2025 Change Gross written premiums $ 1,596 $ 1,569 2 % $ 5,564 $ 5,487 1 % Net written premiums 1,274 1,251 2 4,397 4,312 2 Net earned premiums 1,475 1,453 2 4,328 4,235 2 Insurance claims and policyholders' benefits 1,083 967 3,176 2,929 Amortization of deferred acquisition costs 213 215 626 645 Insurance related administrative expenses 176 165 522 498 Underwriting gain (loss) 3 106 (97) 4 163 (98) Net investment income 204 192 6 640 575 11 Other revenues 5 8 22 26 Other expenses 10 11 32 36 Core income (loss) before income tax 202 295 634 728 Income tax (expense) benefit on core income (loss) (40) (62) (128) (153) Core income (loss) $ 162 $ 233 (30) % $ 506 $ 575 (12) % Other Performance Metrics Underwriting gain (loss) $ 3 $ 106 (97) % $ 4 $ 163 (98) % Catastrophe-related reinstatement premiums — — 9 — Catastrophe losses 70 39 207 182 (Favorable) unfavorable net prior year loss reserve development 34 (1) 84 46 (Favorable) unfavorable other development-related items (1) 1 1 8 8 Effect of (favorable) unfavorable development-related items 35 — 92 54 Underlying underwriting gain (loss) $ 108 $ 145 (26) % $ 312 $ 399 (22) % Loss & LAE ratio 73.0 % 66.1 % (6.9) pts 72.9 % 68.7 % (4.2) pts Expense ratio 26.2 26.1 (0.1) 26.5 26.9 0.4 Dividend ratio 0.5 0.5 — 0.5 0.5 — Combined ratio 99.7 % 92.7 % (7.0) pts 99.9 % 96.1 % (3.8) pts Less: Effect of catastrophe impacts 4.8 2.7 (2.1) 5.0 4.3 (0.7) Less: Effect of (favorable) unfavorable development-related items 2.4 — (2.4) 2.1 1.3 (0.8) Underlying combined ratio 92.5 % 90.0 % (2.5) pts 92.8 % 90.5 % (2.3) pts Rate 2 % 5 % (3) pts 1 % 5 % (4) pts Renewal premium change 3 % 6 % (3) pts 3 % 7 % (4) pts Retention 83 % 79 % 4 pts 81 % 82 % (1) pts New business $ 332 $ 324 2 % $ 1,147 $ 1,114 3 % (1) Other development-related items represent net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 6
International - Results of Operations Periods ended September 30 Three Months Nine Months (In millions) 2026 2025 Change 2026 2025 Change Gross written premiums $ 345 $ 322 7 % $ 1,188 $ 1,132 5 % Net written premiums 333 319 4 1,026 976 5 Net earned premiums 349 344 1 1,020 978 4 Insurance claims and policyholders' benefits 181 203 594 590 Amortization of deferred acquisition costs 72 71 218 197 Insurance related administrative expenses 47 42 135 125 Underwriting gain (loss) 49 28 75 73 66 11 Net investment income 48 42 14 135 114 18 Other revenues — — — — Other expenses (14) (1) (12) (12) Core income (loss) before income tax 111 71 220 192 Income tax (expense) benefit on core income (loss) (22) (24) (57) (55) Core income (loss) $ 89 $ 47 89 % $ 163 $ 137 19 % Other Performance Metrics Underwriting gain (loss) $ 49 $ 28 75 % $ 73 $ 66 11 % Catastrophe losses 8 2 19 18 (Favorable) unfavorable net prior year loss reserve development (35) — (35) — (Favorable) unfavorable other development-related items (1) — — — — Effect of (favorable) unfavorable development-related items (35) — (35) — Underlying underwriting gain (loss) $ 22 $ 30 (27) % $ 57 $ 84 (32) % Loss & LAE ratio 51.8 % 59.1 % 7.3 pts 58.2 % 60.3 % 2.1 pts Expense ratio 34.3 32.7 (1.6) 34.7 32.9 (1.8) Dividend ratio — — — — — — Combined ratio 86.1 % 91.8 % 5.7 pts 92.9 % 93.2 % 0.3 pts Less: Effect of catastrophe impacts 2.1 0.6 (1.5) 1.8 1.8 — Less: Effect of (favorable) unfavorable development-related items (10.1) — 10.1 (3.4) — 3.4 Underlying combined ratio 94.1 % 91.2 % (2.9) pts 94.5 % 91.4 % (3.1) pts Rate (4) % (6) % 2 pts (5) % (4) % (1) pts Renewal premium change (2) % (3) % 1 pts (2) % (1) % (1) pts Retention 87 % 83 % 4 pts 86 % 85 % 1 pts New business $ 86 $ 94 (9) % $ 268 $ 280 (4) % (1) Other development-related items represent net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 7
Life & Group - Results of Operations Periods ended September 30 Three Months Nine Months (In millions) 2026 2025 2026 2025 Net earned premiums $ 101 $ 106 $ 307 $ 318 Net investment income 223 226 677 687 Other revenues 1 — — — Total operating revenues 325 332 984 1,005 Insurance claims and policyholders' benefits 516 336 1,150 949 Insurance related administrative expenses 30 29 90 90 Other expenses 1 — 1 1 Total claims, benefits and expenses 547 365 1,241 1,040 Core income (loss) before income tax (222) (33) (257) (35) Income tax (expense) benefit on core income (loss) 51 11 67 20 Core income (loss) $ (171) $ (22) $ (190) $ (15) 8
Corporate & Other - Results of Operations Periods ended September 30 Three Months Nine Months (In millions) 2026 2025 2026 2025 Net earned premiums $ (1) $ (1) $ (1) $ (1) Net investment income 10 16 31 45 Other revenues 1 1 1 1 Total operating revenues 10 16 31 45 Insurance claims and policyholders' benefits (6) (10) 54 107 Insurance related administrative expenses (1) — — 1 Interest expense 32 36 98 99 Other expenses 15 26 44 59 Total claims, benefits and expenses 40 52 196 266 Core income (loss) before income tax (30) (36) (165) (221) Income tax (expense) benefit on core income (loss) 7 11 36 46 Core income (loss) $ (23) $ (25) $ (129) $ (175) 9
Investment Summary - Consolidated September 30, 2026 June 30, 2026 December 31, 2025 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 24,044 $ (1,692) $ 25,257 $ (451) $ 25,257 $ (199) States, municipalities and political subdivisions: Tax-exempt 4,707 (428) 4,865 23 4,545 (6) Taxable 3,701 (718) 3,970 (445) 3,886 (433) Total states, municipalities and political subdivisions 8,408 (1,146) 8,835 (422) 8,431 (439) Asset-backed: RMBS 3,871 (610) 3,881 (354) 3,695 (316) CMBS 1,432 (101) 1,492 (67) 1,483 (62) Other ABS 3,317 (292) 3,461 (203) 3,543 (166) Total asset-backed 8,620 (1,003) 8,834 (624) 8,721 (544) U.S. Treasury and obligations of government-sponsored enterprises 277 (5) 239 (3) 234 (2) Foreign government 710 (35) 709 (13) 751 (13) Redeemable preferred stock 8 — 8 — 8 — Total fixed maturity securities 42,067 (3,881) 43,882 (1,513) 43,402 (1,197) Equities: Common stock 224 — 249 — 237 — Non-redeemable preferred stock 559 — 544 — 532 — Total equities 783 — 793 — 769 — Limited partnership investments: Hedge funds 320 — 381 — 336 — Private equity funds 2,660 — 2,523 — 2,436 — Total limited partnership investments 2,980 — 2,904 — 2,772 — Other invested assets 119 — 119 — 105 — Mortgage loans 1,009 — 1,037 — 1,079 — Short-term investments 1,684 — 1,721 — 2,320 — Total investments $ 48,642 $ (3,881) $ 50,456 $ (1,513) $ 50,447 $ (1,197) Net receivable/(payable) on investment activity $ (87) $ (51) $ 46 Effective duration (in years) 6.3 6.4 6.3 Weighted average rating (1) A A A RMBS - Residential mortgage-backed securities CMBS - Commercial mortgage-backed securities Other ABS - Other asset-backed securities (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 10
Investment Summary - Property & Casualty and Corporate & Other September 30, 2026 June 30, 2026 December 31, 2025 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 13,928 $ (672) $ 14,334 $ (263) $ 14,244 $ (143) States, municipalities and political subdivisions: Tax-exempt 2,681 (364) 2,659 (109) 2,360 (137) Taxable 2,485 (529) 2,646 (355) 2,523 (354) Total states, municipalities and political subdivisions 5,166 (893) 5,305 (464) 4,883 (491) Asset-backed: RMBS 3,869 (610) 3,879 (354) 3,693 (316) CMBS 1,425 (100) 1,476 (66) 1,467 (61) Other ABS 2,828 (134) 2,931 (88) 2,992 (62) Total asset-backed 8,122 (844) 8,286 (508) 8,152 (439) U.S. Treasury and obligations of government-sponsored enterprises 275 (5) 230 (3) 225 (2) Foreign government 678 (23) 668 (5) 704 (6) Redeemable preferred stock 8 — 8 — 8 — Total fixed maturity securities 28,177 (2,437) 28,831 (1,243) 28,216 (1,081) Equities: Common stock 224 — 249 — 237 — Non-redeemable preferred stock 287 — 225 — 205 — Total equities 511 — 474 — 442 — Limited partnership investments: Hedge funds 284 — 338 — 298 — Private equity funds 2,360 — 2,239 — 2,162 — Total limited partnership investments 2,644 — 2,577 — 2,460 — Other invested assets 119 — 119 — 105 — Mortgage loans 835 — 861 — 907 — Short-term investments 1,642 — 1,695 — 2,252 — Total investments $ 33,928 $ (2,437) $ 34,557 $ (1,243) $ 34,382 $ (1,081) Net receivable/(payable) on investment activity $ (64) $ (60) $ 43 Effective duration (in years) 4.6 4.6 4.5 Weighted average rating (1) A A A+ (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 11
Investment Summary - Life & Group September 30, 2026 June 30, 2026 December 31, 2025 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 10,116 $ (1,020) $ 10,923 $ (188) $ 11,013 $ (56) States, municipalities and political subdivisions: Tax-exempt 2,026 (64) 2,206 132 2,185 131 Taxable 1,216 (189) 1,324 (90) 1,363 (79) Total states, municipalities and political subdivisions 3,242 (253) 3,530 42 3,548 52 Asset-backed: RMBS 2 — 2 — 2 — CMBS 7 (1) 16 (1) 16 (1) Other ABS 489 (158) 530 (115) 551 (104) Total asset-backed 498 (159) 548 (116) 569 (105) U.S. Treasury and obligations of government-sponsored enterprises 2 — 9 — 9 — Foreign government 32 (12) 41 (8) 47 (7) Redeemable preferred stock — — — — — — Total fixed maturity securities 13,890 (1,444) 15,051 (270) 15,186 (116) Equities: Common stock — — — — — — Non-redeemable preferred stock 272 — 319 — 327 — Total equities 272 — 319 — 327 — Limited partnership investments: Hedge funds 36 — 43 — 38 — Private equity funds 300 — 284 — 274 — Total limited partnership investments 336 — 327 — 312 — Other invested assets — — — — — — Mortgage loans 174 — 176 — 172 — Short-term investments 42 — 26 — 68 — Total investments $ 14,714 $ (1,444) $ 15,899 $ (270) $ 16,065 $ (116) Net receivable/(payable) on investment activity $ (23) $ 9 $ 3 Effective duration (in years) 9.8 10.0 9.7 Weighted average rating (1) A- A- A- (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 12
Investments - Fixed Maturity Securities by Credit Rating September 30, 2026 U.S. Government, Government agencies and Government-sponsored enterprises AAA AA A BBB Non-investment grade Total (In millions) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Corporate and other bonds $ — $ — $ — $ — $ 1,328 $ (115) $ 7,925 $ (514) $ 13,224 $ (991) $ 1,567 $ (72) $ 24,044 $ (1,692) States, municipalities and political subdivisions — — 2,263 (221) 4,831 (725) 1,081 (139) 130 (20) 103 (41) 8,408 (1,146) Asset-backed: RMBS 2,948 (464) 691 (141) 5 — — — 221 (7) 6 2 3,871 (610) CMBS — — 480 (15) 607 (48) 237 (17) 84 (8) 24 (13) 1,432 (101) Other ABS — — 422 (38) 280 (97) 1,394 (73) 1,042 (53) 179 (31) 3,317 (292) Total asset-backed 2,948 (464) 1,593 (194) 892 (145) 1,631 (90) 1,347 (68) 209 (42) 8,620 (1,003) U.S. Treasury and obligations of government-sponsored enterprises 277 (5) — — — — — — — — — — 277 (5) Foreign government — — 192 (4) 353 (13) 83 (10) 82 (8) — — 710 (35) Redeemable preferred stock — — — — — — — — 8 — — — 8 — Total fixed maturity securities $ 3,225 $ (469) $ 4,048 $ (419) $ 7,404 $ (998) $ 10,720 $ (753) $ 14,791 $ (1,087) $ 1,879 $ (155) $ 42,067 $ (3,881) Percentage of total fixed maturity securities 8 % 10 % 18 % 25 % 35 % 4 % 100 % 13
Components of Net Investment Income Consolidated Periods ended September 30 Three Months Nine Months (In millions) 2026 2025 2026 2025 Taxable fixed income securities $ 520 $ 506 $ 1,527 $ 1,510 Tax-exempt fixed income securities 55 44 162 114 Total fixed income securities 575 550 1,689 1,624 Common stock 13 3 32 20 Limited partnerships - hedge funds (42) 14 27 46 Limited partnerships - private equity funds 77 54 162 159 Total limited partnership and common stock investments 48 71 221 225 Other, net of investment expense 12 17 36 55 Net investment income $ 635 $ 638 $ 1,946 $ 1,904 Effective income yield for fixed income securities portfolio 5.0 % 4.8 % 4.9 % 4.8 % Limited partnership and common stock return for the period 1.5 2.5 7.3 8.3 Property & Casualty and Corporate & Other Periods ended September 30 Three Months Nine Months (In millions) 2026 2025 2026 2025 Taxable fixed income securities $ 322 $ 308 $ 934 $ 922 Tax-exempt fixed income securities 28 19 83 38 Total fixed income securities 350 327 1,017 960 Common stock 13 3 32 20 Limited partnerships - hedge funds (38) 12 24 40 Limited partnerships - private equity funds 69 48 144 128 Total limited partnership and common stock investments 44 63 200 188 Other, net of investment expense 18 22 52 69 Net investment income $ 412 $ 412 $ 1,269 $ 1,217 Effective income yield for fixed income securities portfolio 4.6 % 4.4 % 4.5 % 4.4 % Life & Group Periods ended September 30 Three Months Nine Months (In millions) 2026 2025 2026 2025 Taxable fixed income securities $ 198 $ 198 $ 593 $ 588 Tax-exempt fixed income securities 27 25 79 76 Total fixed income securities 225 223 672 664 Common stock — — — — Limited partnerships - hedge funds (4) 2 3 6 Limited partnerships - private equity funds 8 6 18 31 Total limited partnership and common stock investments 4 8 21 37 Other, net of investment expense (6) (5) (16) (14) Net investment income $ 223 $ 226 $ 677 $ 687 Effective income yield for fixed income securities portfolio 5.8 % 5.7 % 5.7 % 5.7 % 14
Net Investment Gains (Losses) Periods ended September 30 Consolidated Three Months Nine Months (In millions) 2026 2025 2026 2025 Fixed maturity securities: Corporate and other bonds $ 6 $ (6) $ (4) $ (55) States, municipalities and political subdivisions — 1 (1) — Asset-backed (1) (5) (12) (12) Total fixed maturity securities 5 (10) (17) (67) Non-redeemable preferred stock (14) 4 (15) 10 Derivatives, short-term and other (1) (1) (1) — Mortgage loans 1 — 1 (5) Net investment gains (losses) (9) (7) (32) (62) Income tax benefit (expense) on net investment gains (losses) 2 1 8 13 Net investment gains (losses), after tax $ (7) $ (6) $ (24) $ (49) 15
Claim & Claim Adjustment Expense Reserve Rollforward Three months ended September 30, 2026 (In millions) Specialty Commercial International P&C Operations Life & Group Corporate & Other Total Operations Claim & claim adjustment expense reserves, beginning of period Gross $ 8,013 $ 12,892 $ 3,496 $ 24,401 $ 575 $ 2,514 $ 27,490 Ceded 1,605 1,689 605 3,899 54 2,089 6,042 Net 6,408 11,203 2,891 20,502 521 425 21,448 Net incurred claim & claim adjustment expenses 570 1,075 182 1,827 6 5 1,838 Net claim & claim adjustment expense payments (452) (811) (85) (1,348) (13) (37) (1,398) Foreign currency translation adjustment and other — (2) (6) (8) (28) — (36) Claim & claim adjustment expense reserves, end of period Net 6,526 11,465 2,982 20,973 486 393 21,852 Ceded 1,616 1,793 567 3,976 53 2,036 6,065 Gross $ 8,142 $ 13,258 $ 3,549 $ 24,949 $ 539 $ 2,429 $ 27,917 Nine months ended September 30, 2026 (In millions) Specialty Commercial International P&C Operations Life & Group Corporate & Other Total Operations Claim & claim adjustment expense reserves, beginning of period Gross $ 7,784 $ 12,249 $ 3,376 $ 23,409 $ 591 $ 2,599 $ 26,599 Ceded 1,596 1,553 535 3,684 56 2,242 5,982 Net 6,188 10,696 2,841 19,725 535 357 20,617 Net incurred claim & claim adjustment expenses 1,701 3,154 594 5,449 23 111 5,583 Net claim & claim adjustment expense payments (1,363) (2,383) (386) (4,132) (35) (75) (4,242) Foreign currency translation adjustment and other — (2) (67) (69) (37) — (106) Claim & claim adjustment expense reserves, end of period Net 6,526 11,465 2,982 20,973 486 393 21,852 Ceded 1,616 1,793 567 3,976 53 2,036 6,065 Gross $ 8,142 $ 13,258 $ 3,549 $ 24,949 $ 539 $ 2,429 $ 27,917 16
Life & Group Policyholder Reserves Three months ended September 30, 2026 (In millions) Claim and claim adjustment expenses Future policy benefits Total Beginning of Period $ 521 $ 13,262 $ 13,783 Incurred claims and policyholders' benefits (1) 6 509 515 Benefit and expense payments (13) (297) (310) Change in discount rate assumptions and other (AOCI) (28) (1,037) (1,065) End of Period $ 486 $ 12,437 $ 12,923 Nine months ended September 30, 2026 (In millions) Claim and claim adjustment expenses Future policy benefits Total Beginning of Period $ 535 $ 13,448 $ 13,983 Incurred claims and policyholders' benefits (1) 23 1,122 1,145 Benefit and expense payments (35) (870) (905) Change in discount rate assumptions and other (AOCI) (37) (1,263) (1,300) End of Period $ 486 $ 12,437 $ 12,923 (1) Incurred claims and policyholders' benefits above does not agree to Net incurred claims and benefits as reflected in Note J to the Condensed Consolidated Financial Statements included under Part I, Item 1 of the Quarterly Report on Form 10-Q due to the timing of benefit and expense cash flows in determining Future Policy Benefit reserves, along with the allowable expenses in the reserve. 17
Definitions and Presentation • Collectively, CNA Financial Corporation (CNAF) and its subsidiaries are referred to as CNA or the Company. • P&C Operations includes Specialty, Commercial and International. • Life & Group segment includes the individual and group run-off long-term care businesses as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants. • Corporate & Other segment primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including asbestos and environmental pollution (A&EP), a legacy portfolio of excess workers' compensation (EWC) policies and certain legacy mass tort reserves. • Management uses the core income (loss) financial measure to monitor the Company’s operations for the Specialty, Commercial and International segments. Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of our primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding our defined benefit pension plans which are unrelated to our primary operations. Management monitors core income (loss) for each business segment to assess segment performance. Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure and management believes some investors may find this measure useful to evaluate the Company's primary operations. Please refer to Note N to the Consolidated Financial Statements within the December 31, 2025 Form 10-K for further discussion regarding how the Company manages its business. • In evaluating the results of the Specialty, Commercial and International segments, management uses the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and include the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate our underwriting performance since they remove the impact of catastrophes, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance. In addition, management also utilizes renewal premium change, rate, retention and new business in evaluating operating trends. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. Rate represents the average change in price on policies that renew excluding exposure change. Exposure represents the measure of risk used in the pricing of the insurance product. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy. Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew. New business represents premiums from policies written with new customers and additional policies written with existing customers. • Management uses underwriting gain (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor our insurance operations. 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 other insurance related expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, 18
before tax, derived from our underwriting activities, which are managed separately from our investing activities. Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe-related reinstatement premiums, catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities, excluding the impact of catastrophes, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance. • This financial supplement may also reference or contain financial measures utilized to monitor the Company's investment portfolio that are not in accordance with GAAP. The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk. • For reconciliations of non-GAAP measures to the most comparable GAAP measures and other information, please refer herein and/or to CNA's filings with the Securities and Exchange Commission, available at cna.com. • Gross written premiums ex. warranty captives represents gross written premiums excluding warranty business that is ceded to third-party captives, which primarily consists of insurance policies supporting service contracts for portable electronics and vehicles. • Statutory capital and surplus represents the excess of an insurance company's admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices. • Net investment income from fixed income securities, as presented, includes both fixed maturity securities and non-redeemable preferred stock. • Certain immaterial differences are due to rounding. • N/M = Not Meaningful 19
CNA Financial Corporation Third Quarter 2026 Results November 2, 2026
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 events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by CNA. For a detailed description of these risks and uncertainties, please refer to CNA’s filings with the Securities and Exchange Commission available at cna.com. Any forward-looking statements and other financial information contained in this presentation speak only as of the date hereof. Further, CNA does not have any obligation to update or revise any forward-looking statement made in the course of this presentation and/or contained in the presentation materials even if CNA’s expectations or any related events, conditions or circumstances change. Reconciliation of GAAP Measures to Non-GAAP Measures This earnings presentation contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America (GAAP). Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio. The Company believes the presentation of these measures provides investors with a better understanding of the significant factors that comprise the Company's operating performance. Reconciliations of these measures to the most comparable GAAP measures can be found in the Appendix to this presentation. For additional information, please refer to CNA's filings with the Securities and Exchange Commission, available at cna.com. Available Information and Risk Factors CNA files annual, quarterly and current reports and other information with the SEC. The SEC filings are available on the CNA website (cna.com) and at the SEC's website (sec.gov). These filings describe some of the more material risks we face and how these risks could lead to events or circumstances that may have a material adverse effect on our business, financial condition, results of operations or cash flows. You should review these filings as they contain important information about CNA and its business. "CNA" is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the "CNA" trademark in connection with insurance underwriting and claims activities. Copyright © 2026 CNA. All rights reserved. 2
Third Quarter Overview • Net income of $196 million versus $403 million in the prior year quarter; core income of $203 million versus $409 million in the prior year quarter. • P&C core income of $397 million versus $456 million, reflects lower underlying underwriting results and higher catastrophe losses. • Life & Group core loss of $171 million versus $22 million in the prior year quarter, reflects an unfavorable after- tax impact of $137 million in 2026 from our annual long-term care reserve assumption updates. However, 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. • Corporate & Other core loss of $23 million versus $25 million in the prior year quarter. • Net investment income of $635 million, reflects 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. • P&C combined ratio of 97.0%, compared with 92.8% in the prior year quarter, including 2.8 points of catastrophe loss impact compared with 1.5 points in the prior year quarter. There was no net prior period development impact in the current or prior year quarters. • Catastrophe losses of $78 million pretax versus $41 million in the prior year quarter. • P&C underlying combined ratio was 94.2%, compared with 91.3% in the prior year quarter. P&C underlying loss ratio was 64.1%, up 2.2 points from the prior year quarter, and the expense ratio was 29.7%. Both the underlying loss ratio and the expense ratio were consistent with the first half of 2026. • P&C segments generated net written premium growth of 3% in the quarter. P&C renewal premium change of +3%, with written rate of +2%. • Book value per share of $37.80; book value per share excluding AOCI of $46.11, a 5% increase from year-end 2025 adjusting for $3.44 of dividends per share paid. • Board of Directors declares regular quarterly cash dividend of $0.48 per share. 3
Financial Performance 4 (In millions, except ratios and per share data) Third Quarter Year to Date 2026 2025 Change 2026 2025 Change Revenues $3,821 $3,817 — % $11,327 $11,161 1 % Core income 203 409 (50) % 752 1,025 (27) % Net income 196 403 (51) % 728 976 (25) % Diluted earnings per common share: Core income $0.75 $1.50 (50) % $2.77 $3.76 (26) % Net income 0.72 1.48 (51) % 2.67 3.58 (25) % Core ROE 6.5 % 13.2 % (6.7) pts 8.0 % 10.9 % (2.9) pts Earnings reflect disciplined growth, solid investment income and high-quality underwriting results despite unfavorable impact from the annual LTC reserve assumption updates
Underwriting results continue to reflect prudence in loss picks, with catastrophe losses and expense ratio in line with expectations Property & Casualty Operations 5 (In millions, except ratios) Third Quarter Year to Date 2026 2025 2026 2025 Net written premiums $2,507 $2,437 $8,094 $7,889 NWP change (% year over year) 3 % 3 % Net earned premiums $2,731 $2,678 $7,985 $7,786 NEP change (% year over year) 2 % 3 % Underwriting gain $82 $194 $115 $384 Loss ratio 66.9 % 63.4 % 68.3 % 65.0 % Less: Effect of catastrophe impacts 2.8 % 1.5 % 2.9 % 2.6 % Less: Effect of unfavorable development-related items — % — % 1.3 % 0.8 % Underlying loss ratio 64.1 % 61.9 % 64.1 % 61.6 % Expense ratio 29.7 % 29.1 % 29.9 % 29.7 % Combined ratio 97.0 % 92.8 % 98.6 % 95.1 % Underlying combined ratio 94.2 % 91.3 % 94.4 % 91.7 %
Property & Casualty Production Metrics Continued disciplined and differentiated execution across the portfolio, with stable retention and rate of +2% 6 Property & Casualty Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 6% 5% 4% 4% 3% 2% 3% 86% 83% 81% 84% 83% 83% 83% Retention Renewal Premium Change Rate GWP ex. warranty captives ($M) $3,214 $3,518 $2,941 $3,309 $3,219 $3,656 $3,012 New Business ($M) $565 $645 $549 $589 $581 $718 $555 Specialty Rate 3% 3% 3% 3% 3% 4% 4% Retention 89% 86% 86% 85% 86% 85% 83% Commercial Rate 6% 5% 5% 3% 2% —% 2% Retention 84% 81% 79% 82% 81% 81% 83% International Rate (2)% (4)% (6)% (5)% (4)% (5)% (4)% Retention 85% 86% 83% 88% 85% 87% 87% 4% 3% 3% 2% 2% —% 2%
NWP growth of 4%, with results continuing to reflect higher loss picks for various lines Specialty 7 (In millions, except ratios) Third Quarter Year to Date 2026 2025 2026 2025 Net written premiums $900 $867 $2,671 $2,601 NWP change (% year over year) 4 % 3 % Net earned premiums $907 $881 $2,637 $2,573 NEP change (% year over year) 3 % 2 % Underwriting gain $30 $60 $38 $155 Loss ratio 62.9 % 60.6 % 64.7 % 60.7 % Less: Effect of catastrophe impacts 0.1 % — % — % — % Less: Effect of unfavorable development-related items — % — % 1.9 % 0.4 % Underlying loss ratio 62.8 % 60.6 % 62.8 % 60.3 % Expense ratio 33.6 % 32.5 % 33.5 % 33.0 % Combined ratio 96.8 % 93.3 % 98.6 % 94.0 % Underlying combined ratio 96.7 % 93.3 % 96.7 % 93.6 %
Specialty Production Metrics Good new business growth and rate of +4%; retention reflects targeted underwriting actions 8 Specialty Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 4% 4% 4% 4% 5% 4% 5% 89% 86% 86% 85% 86% 85% 83% Retention Renewal Premium Change Rate GWP ex. warranty captives ($M) $989 $1,016 $1,051 $1,074 $994 $1,071 $1,070 New Business ($M) $112 $122 $131 $122 $127 $175 $137 FI & Mgmt Liability Rate (1)% 1% (1)% —% 1% 1% 2% Retention 89% 84% 86% 84% 88% 88% 86% Affinity Professional E&O Rate 2% 3% 2% 3% 3% 3% 4% Retention 93% 92% 88% 89% 86% 84% 80% Medical Malpractice Rate 7% 8% 9% 8% 8% 9% 8% Retention 85% 85% 83% 82% 82% 80% 81% Surety Net Written Premiums $204 $182 $193 $164 $185 $198 $199 Warranty & Alt. Risks Revenues $445 $446 $439 $434 $417 $406 $391 3%3% 3% 3% 3% 4% 4%
Commercial 9 (In millions, except ratios) Third Quarter Year to Date 2026 2025 2026 2025 Net written premiums $1,274 $1,251 $4,397 $4,312 NWP change (% year over year) 2 % 2 % Net earned premiums $1,475 $1,453 $4,328 $4,235 NEP change (% year over year) 2 % 2 % Underwriting gain $3 $106 $4 $163 Loss ratio 73.0 % 66.1 % 72.9 % 68.7 % Less: Effect of catastrophe impacts 4.8 % 2.7 % 5.0 % 4.3 % Less: Effect of unfavorable development-related items 2.4 % — % 2.1 % 1.3 % Underlying loss ratio 65.8 % 63.4 % 65.8 % 63.1 % Expense ratio 26.2 % 26.1 % 26.5 % 26.9 % Combined ratio 99.7 % 92.7 % 99.9 % 96.1 % Underlying combined ratio 92.5 % 90.0 % 92.8 % 90.5 % NWP growth of 2%, with results continuing to reflect higher loss picks predominantly in longer-tail lines and an increase in reserves on recent prior accident years in excess casualty
Commercial Production Metrics 10 Commercial Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 7% 6% 6% 5% 3% 2% 3% 84% 81% 79% 82% 81% 81% 83% Retention Renewal Premium Change Rate Gross Written Premiums ($M) $1,853 $2,065 $1,569 $1,846 $1,828 $2,140 $1,596 New Business ($M) $370 $420 $324 $377 $369 $446 $332 Middle Market Rate 4% 4% 3% 1% 1% 1% —% Retention 84% 81% 79% 85% 84% 82% 86% Construction Rate 9% 10% 8% 8% 8% 7% 7% Retention 82% 81% 73% 79% 79% 79% 78% National Accounts Rate 5% —% 2% 1% (4)% (8)% (2)% Retention 88% 83% 86% 84% 81% 83% 84% Small Business Rate 5% 4% 5% 6% 5% 4% 4% Retention 82% 80% 76% 75% 76% 79% 81% Marine / Other Net Written Premiums $111 $115 $112 $124 $116 $145 $119 Sustained strong rate increases in classes most impacted by social inflation, while competitive market persists in property and workers' compensation 6% —%5% 5% 3% 2% 2%
International Continued profitability in a highly competitive marketplace 11 (In millions, except ratios) Third Quarter Year to Date 2026 2025 2026 2025 Net written premiums $333 $319 $1,026 $976 NWP change (% year over year)1 4 % 5 % Net earned premiums $349 $344 $1,020 $978 NEP change (% year over year) 1 % 4 % Underwriting gain $49 $28 $73 $66 Loss ratio 51.8 % 59.1 % 58.2 % 60.3 % Less: Effect of catastrophe impacts 2.1 % 0.6 % 1.8 % 1.8 % Less: Effect of favorable development-related items (10.1) % — % (3.4) % — % Underlying loss ratio 59.8 % 58.5 % 59.8 % 58.5 % Expense ratio 34.3 % 32.7 % 34.7 % 32.9 % Combined ratio 86.1 % 91.8 % 92.9 % 93.2 % Combined ratio excl. catastrophes and development 94.1 % 91.2 % 94.5 % 91.4 % 1 Excluding currency fluctuations, NWP grew 6% for the third quarter and grew 3% year to date.
Results reflect unfavorable impact of $137 million after-tax from annual LTC reserve assumption updates Life & Group 12 (In millions) Third Quarter Year to Date 2026 2025 2026 2025 Net earned premiums $101 $106 $307 $318 Total claims, benefits and expenses 547 365 1,241 1,040 Net investment income 223 226 677 687 Core loss before income tax (222) (33) (257) (35) Income tax benefit 51 11 67 20 Core loss ($171) ($22) ($190) ($15) Core loss includes an unfavorable after-tax impact of $137 million in 2026 from our annual long-term care reserve assumption updates. Core loss includes an unfavorable after-tax impact of $137 million in 2026 from our annual long-term care reserve assumption updates. However, the unfavorable reserve assumption updates are almost entirely offset by a favorable economic impact from recent investment portfolio actions. Under GAAP accounting, this anticipated benefit is not immediately reflected in earnings but instead is recognized over time.
2026 L&G Reserve Summary Near-term inflation and morbidity updates partially offset by premium rate action outperformance; maintain robust statutory reserve margin of $1.3b to withstand stresses Change to GAAP Liability from Changes in LTC Assumptions 2026 Economic Assumptions: Inflation • Near-term cost of care inflation increase +$145 Morbidity • Unfavorable disabled life mortality updates, partially offset by favorable claim incidence and utilization revisions +$75 Persistency • No material changes to persistency assumptions $0 Premium Rate Actions • Favorable impacts due to rate achievement greater than prior year's estimates ($50) Expense & Other • Refinements to operational and overhead expectations +$3 Increase/(Decrease) to GAAP Liability from LTC Assumption Updates $173 Increase/(Decrease) to GAAP Liability from LTC Assumption Updates - After-tax $137 13 Summary Note: GAAP Reserve impacts using locked-in discount rates from 2020 Expected Undiscounted Future LTC Cash Flows 1 • Unfavorable impact of $137M after-tax from the 2026 annual LTC reserve assumption updates • Almost entirely offsetting the unfavorable reserve assumption updates is a favorable economic impact from recent portfolio actions, the anticipated benefit of which is not reflected in current period earnings under GAAP accounting • Statutory reserve margin of $1.3b to withstand future stresses (In millions) Future Claims Payments Future Investment Income Return of Principal on Investments ($31b) +$14b 2026 Assumption Updates 1 Excludes investment income cash flows associated with allocated capital Future Premiums +$5b +$12b
LTC Progress Focused on Active Management 14 Proactive approach to managing block across all dimensions of the business Our Active Management Strategy is Containing the Risk of Long-Term Care to CNA • 30 rate increase approvals in 2026 with an average rate increase amount of 20%; average premium rates are twice as high as originally priced • Since 2015, LTC policy counts are down 50% and expected to decrease another 40% over the next decade • Policy buyout program has resulted in 12k buyouts with approximately $400M in cash paid since 2020 • Expecting additional future net investment income while maintaining asset and liability duration alignment at ~10 years; additional investment income primarily the result of duration extension actions • Investment in data analytics and AI resulting in robust and efficient actuarial assumption and fraud detection models Financially Stable Long-Term Care Business with Ability to Withstand Stresses • Prudent reserving assumptions informed by historical experience, including no morbidity improvement, 10 years of mortality improvement, negligible future premium risk and an ultimate 10-year treasury rate assumption of 3.00% • Robust statutory margin of ~$1.3b to withstand stresses • Total LTC reserves and open claim counts are at the expected plateau, reducing financial uncertainty associated with LTC Key strategic investments in inforce management, claims management, anti-fraud programs and policyholder wellness initiatives drive meaningful future risk reduction and an orderly runoff of the Long- Term Care business
LTC Block Characteristics Mature LTC business with reserves and open claims at their expected plateau 15 Summary Block Characteristics 2 • GAAP reserves at locked-in discount rates and open claim counts are at their expected plateau reflecting the maturity of the block; ILTC is in the latter half of its runoff while GLTC will plateau at levels less than half of ILTC • Total policies have declined 50% (~230,000 insureds) since 2015 from our continued active management with claim counts remaining stable throughout • We expect approximately 40% of existing policies will runoff over the next 10 years As of Q3 2026 Individual Group Ke y M et ric Average Age 83 years old 71 years old Average Age of New Claimant 86 years old 79 years old Average Max Daily Benefit $348 $223 % of policies with Lifetime Benefits 39% 1% % of policies with Inflation 65% 14% Current GAAP Reserves ~$9.8b ~$2.9b 1 Projected reserves are discounted at locked-in discount rates as of each calendar year end. 2 Individual metrics do not include CNA's 50% coinsurance business. 3 Healthy policies do not include 92k non-forfeiture limited benefit policies as of Q3 2026. Total Inforce LTC Policies 3 GAAP Reserve Projections 1 445 413 379 339 317 302 287 273 252 236 223 214 15 16 17 18 18 17 17 17 17 17 17 16 Healthy Policies Open Claims 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q3 50% Reduction (In $thousands) Note: GAAP Reserves shown using locked-in discount rates from 2020 ILTC GLTC 50% Coinsurance Business (In $billions) 9.6 9.8 3.8 2.2 3.0 3.8 0.8 1.0 12.6 14.0 8.6 1.2 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Actual Projections
Net Investment Income Steady contributions from fixed income, private equity funds and common stock 638 653 610 701 635 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total CNAF Limited Partnership & Common Stock Highlights Fixed Income Securities 550 553 552 562 575 4.8% 4.9% 4.9% 4.9% 5.0% Fixed Income Effective Yield (Pretax) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 71 77 42 131 48 2.5% 2.7% 1.4% 4.3% 1.5% Limited Partnership & Common Stock Return (Pretax) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $M $M $M 16 • Net investment income from fixed income is up 5% year-over-year • Fixed income benefited from the continued impact of favorable reinvestment rates and a larger invested asset base • Private equity funds and common stock generated steady returns in the quarter; hedge funds generated losses, but remain positive on the year
Investment Portfolio 171 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 average credit rating of “A” • $1.3b of LTC duration extension trades executed through Q3 2026; duration well matched with insurance liabilities • Net unrealized loss increased from year-end driven by higher risk-free rates 7% 4% 3% 2% 2% 1% LPs & Common Stock Short Term & Other CMBS Mortgage Loans Other Fixed Income Preferred Stock Corporate & Other 49% Municipals 17% Other ABS 7% RMBS 8% Portfolio Composition Highlights Fixed Maturities by Rating AA 18% A 25% BBB 35% AAA 1 18% Non-IG 4% Effective Portfolio Duration Life & Group 9.8 yrs P&C and Corporate & Other 4.6 yrs Total 6.3 yrs
Capital • Outlooks remain stable on S&P, AM Best and Fitch ratings; Moody's rating outlook was changed to positive in Nov. 2024 • Statutory surplus remains very strong • Adjusting for dividends, book value per share ex AOCI increased 5% Leverage • Debt maturity schedule is termed out to effectively manage refinancing • Next debt maturity of $500M in the third quarter of 2027 Liquidity • Ample liquidity at both holding and operating company levels to meet obligations Financial Strength Conservative capital structure and debt profile support business objectives (In millions, except per share data) Sep 30, 2026 Dec 31, 2025 Debt $2,974 $2,971 Stockholders' equity 10,229 11,621 Total capital $13,203 $14,592 AOCI (2,249) (1,098) Capital ex AOCI $ 15,452 $ 15,690 BVPS ex AOCI $46.11 $46.99 Dividends per share (YTD) $3.44 $3.84 Debt-to-capital 22.5 % 20.4 % Debt-to-capital ex AOCI 19.2 % 18.9 % Statutory surplus 11,246 $11,578 Holding company liquidity 1 $916 $1,048 18 1 Includes $250 million available under credit facility
APPENDIX 20
Results for the Three Months Ended September 30 Results for the Nine Months Ended September 30 2026 2025 2026 2025 Net income $196 $403 $728 $976 Less: Net investment losses (7) (6) (24) (49) Core income $203 $409 $752 $1,025 Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of our primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding our defined benefit pension plans which are unrelated to our primary operations. Management monitors core income (loss) for each business segment to assess segment performance. Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure and management believes some investors may find this measure useful to evaluate our primary operations. Reconciliation of Net Income (Loss) per Diluted Share to Core Income (Loss) per Diluted Share Results for the Three Months Ended September 30 Results for the Nine Months Ended September 30 2026 2025 2026 2025 Net income per diluted share $0.72 $1.48 $2.67 $3.58 Less: Net investment losses (0.03) (0.02) (0.10) (0.18) Core income per diluted share $0.75 $1.50 $2.77 $3.76 Core income (loss) per diluted share provides management and investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core income (loss). Core income (loss) per diluted share is core income (loss) on a per diluted share basis. 21 Reconciliation of Net Income (Loss) to Core Income (Loss) Reconciliation of GAAP Measures to Non-GAAP Measures
22 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 expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities which are managed separately from our investing activities. Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting results excluding catastrophe-related reinstatement premiums, catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities, excluding the impact of catastrophes, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance. The following tables present reconciliations of net income to core income, underwriting gain and underlying underwriting gain for our Property & Casualty Operations: Results for the Three Months Ended September 30, 2026 (In millions) Specialty Commercial International Property & Casualty Net income $ 143 $ 160 $ 88 $ 391 Net investment losses, after tax 3 2 1 6 Core income $ 146 $ 162 $ 89 $ 397 Less: Net investment income 150 204 48 402 Non-insurance warranty revenue (expense) 18 — — 18 Other revenue (expense), including interest expense (13) (5) 14 (4) Income tax expense on core income (39) (40) (22) (101) Underwriting gain 30 3 49 82 Catastrophe-related reinstatement premiums — — — — Catastrophe losses — 70 8 78 Effect of unfavorable (favorable) development-related items — 35 (35) — Underlying underwriting gain $ 30 $ 108 $ 22 $ 160 Reconciliation of Net Income to Underwriting Gain (Loss) and Underlying Underwriting Gain (Loss) Reconciliation of GAAP Measures to Non-GAAP Measures
23 Results for the Three Months Ended September 30, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 173 $ 229 $ 44 $ 446 Net investment losses, after tax 3 4 3 10 Core income $ 176 $ 233 $ 47 $ 456 Less: Net investment income 162 192 42 396 Non-insurance warranty revenue (expense) 16 — — 16 Other revenue (expense), including interest expense (15) (3) 1 (17) Income tax expense on core income (47) (62) (24) (133) Underwriting gain 60 106 28 194 Catastrophe-related reinstatement premiums — — — — Catastrophe losses — 39 2 41 Effect of development-related items — — — — Underlying underwriting gain $ 60 $ 145 $ 30 $ 235 Reconciliation of GAAP Measures to Non-GAAP Measures
24 Results for the Nine Months Ended September 30, 2026 (In millions) Specialty Commercial International Property & Casualty Net income $ 395 $ 498 $ 160 $ 1,053 Net investment losses, after tax 7 8 3 18 Core income $ 402 $ 506 $ 163 $ 1,071 Less: Net investment income 463 640 135 1,238 Non-insurance warranty revenue (expense) 47 — — 47 Other revenue (expense), including interest expense (39) (10) 12 (37) Income tax expense on core income (107) (128) (57) (292) Underwriting gain 38 4 73 115 Catastrophe-related reinstatement premiums — 9 — 9 Catastrophe losses — 207 19 226 Effect of unfavorable (favorable) development-related items 50 92 (35) 107 Underlying underwriting gain $ 88 $ 312 $ 57 $ 457 Reconciliation of GAAP Measures to Non-GAAP Measures
25 Results for the Nine Months Ended September 30, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 487 $ 552 $ 135 $ 1,174 Net investment losses, after tax 16 23 2 41 Core income $ 503 $ 575 $ 137 $ 1,215 Less: Net investment income 483 575 114 1,172 Non-insurance warranty revenue (expense) 42 — — 42 Other revenue (expense), including interest expense (40) (10) 12 (38) Income tax expense on core income (137) (153) (55) (345) Underwriting gain 155 163 66 384 Catastrophe-related reinstatement premiums — — — — Catastrophe losses — 182 18 200 Effect of unfavorable development-related items 10 54 — 64 Underlying underwriting gain $ 165 $ 399 $ 84 $ 648 The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate our underwriting performance since they remove the impact of catastrophes, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance. The components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for Property & Casualty, Specialty, Commercial and International segments are set forth on pages 5, 7, 9 and 11, respectively. Components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio 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 for our Life & Group segment: Results for the Three Months Ended September 30 Results for the Nine Months Ended September 30 (In millions) 2026 2025 2026 2025 Net loss $ (173) $ (17) $ (196) $ (22) Net investment losses (gains), after tax 2 (5) 6 7 Core loss $ (171) $ (22) $ (190) $ (15) The following table presents a reconciliation of net loss to core loss for our Corporate & Other segment: Results for the Three Months Ended September 30 Results for the Nine Months Ended September 30 (In millions) 2026 2025 2026 2025 Net loss $ (22) $ (26) $ (129) $ (176) Net investment (gains) losses, after tax (1) 1 — 1 Core loss $ (23) $ (25) $ (129) $ (175) 26
September 30, 2026 December 31, 2025 Book value per share $37.80 $42.93 Less: Per share impact of AOCI (8.31) (4.06) Book value per share excluding AOCI $46.11 $46.99 Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attributable to the Company's business operations. The Company believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Calculation of Return on Equity and Core Return on Equity Results for the Three Months Ended September 30 Results for the Nine Months Ended September 30 ($ millions) 2026 2025 2026 2025 Annualized net income $784 $1,615 $970 $1,302 Average stockholders' equity including AOCI (a) 10,708 10,992 10,925 10,917 Return on equity 7.3 % 14.7 % 8.9 % 11.9 % Annualized core income $812 $1,637 $1,003 $1,367 Average stockholders' equity excluding AOCI (a) 12,440 12,390 12,598 12,518 Core return on equity 6.5 % 13.2 % 8.0 % 10.9 % Core return on equity provides management and investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to its business operations. a Average stockholders' equity is calculated using a simple average of the beginning and ending balances for the period. 27 Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI Reconciliation of GAAP Measures to Non-GAAP Measures
CNA Financial Third Quarter 2026 Earnings Remarks
Douglas M. Worman, Chairman and Chief Executive Officer:
In the third quarter, we achieved disciplined growth and high-quality underwriting results underpinned by prudent loss ratio selections and strong execution of our underwriting strategies to optimize our portfolios in the current marketplace. We maintained the higher underlying loss ratio we established in the first half of 2026, and our expense ratio was below 30% even as we continue to substantially invest in talent, technology and artificial intelligence (AI) to augment the efficiency and effectiveness of our operation.
Core income was $203 million in the third quarter. Core income includes an unfavorable after-tax impact of $137 million from our annual Life & Group long-term care (LTC) reserve assumption review. However, 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. We had another quarter of strong investment income at $635 million, robust cash flow from operations of $654 million and 5% year-to-date growth in book value per share excluding accumulated other comprehensive income (AOCI) and the impact of dividends. LTC and investments will be detailed in Scott’s remarks.
The P&C all-in combined ratio was 97.0% in the quarter, including 2.8 points, or $78 million, of catastrophe impacts. Catastrophes were primarily driven by severe storm activity. Prior period development had no impact on the combined ratio in aggregate as additional reserve strengthening in excess casualty in recent accident years was balanced by favorable reserve changes in other classes of business. The P&C underlying combined ratio was 94.2% compared to 91.3% in the prior year quarter. The expense ratio was 29.7%, consistent with the first half of the year. The P&C underlying loss ratio was 64.1%, consistent with the prudent assumptions set earlier in the year, and up 2.2 points compared to the prior year quarter. Long run loss cost trend assumptions were unchanged in the quarter.
Net written premium growth was 3% and new business was up 1%. P&C renewal premium change was 3% and rate change improved to 2%, compared to last quarter when rate change was flat. Rate remained under pressure in national accounts property, workers’ compensation and many areas of our International segment, but the rate decline was modestly mitigated compared to last quarter. Notably, as we indicated last quarter, when we cannot achieve appropriate pricing along with terms and conditions we will walk away and lean into areas where we believe we can achieve a more appropriate return. As an example, national accounts property gross written premium was down 12% in the quarter, with new business down 32%.
Turning to each of the three P&C operating segments, in Commercial, the all-in combined ratio was 99.7% compared to 92.7% in the prior year quarter. Catastrophe impacts were $70 million, or 4.8 points of the combined ratio, compared with just 2.7 points in a very benign quarter last year. Prior period development added 2.4 points to the combined ratio, or $35 million. This was primarily from reserve strengthening in excess casualty, partially offset by favorability in workers’ compensation and property.
The reserve strengthening in excess casualty is primarily from recent post-pandemic accident years. The excess casualty risk adjusted return continues to be accretive to the overall portfolio; however, we have continued to see the impacts of social inflation influence the trajectory of claim outcomes and lengthen development patterns. We have quickly reacted to elevated activity compared to prior expectations in our reserve assumptions across our different excess casualty portfolios.
The underlying combined ratio was 92.5% compared to 90.0% in the prior year quarter. The underlying loss ratio was 65.8%, consistent with the first half of the year, and up 2.4 points compared to the prior year quarter, as we maintain the philosophy addressed in our remarks for the first quarter. The expense ratio improved to 26.2% in the quarter, marking the fifth consecutive quarter below 27%.
In Commercial, net written premium grew 2% and new business also grew 2% to $332 million. Retention in the quarter was 83% with significant variation by business unit and class, similar to last quarter. While we
1
continue to see opportunities in the portfolio, there are areas across many portions of the portfolio where we chose to walk away given current market conditions where pricing, terms and conditions are not appropriate.
Commercial segment rate change increased to 2% in the quarter. Rate was high single-digit in classes most impacted by social inflation.
For Specialty, the all-in combined ratio was 96.8% and the underlying combined ratio was 96.7% compared to 93.3% in the prior year quarter. There was no prior period development in the aggregate. The underlying loss ratio was 62.8%, consistent with the first half of the year, and up 2.2 points compared to the prior year quarter for the reasons we discussed previously. The expense ratio of 33.6% was in line with the first half of the year.
In Specialty, net written premium grew 4% in the quarter and new business was up 5% to $137 million. Retention overall was 83%. Renewal premium change was 5% and rate change was 4% in the quarter. Rate remained strong at 8% in our healthcare business. In our affinity business, rate was up to 4% and retention was 80%, as we executed underwriting actions on portions of our professional errors and omissions programs. Financial and management liability lines rate change improved to 2%.
For International, the all-in combined ratio was 86.1% compared to 91.8% in the prior year quarter. Catastrophe losses were 2.1 points compared to 0.6 points in the prior quarter. Prior period development was favorable by 10.1 points in the quarter, or $35 million, compared to no prior period development in the aggregate in the prior year quarter. Favorable development was concentrated in the property, professional liability and management liability classes of business. The underlying combined ratio was 94.1%, up from 91.2% in the prior year quarter. The underlying loss ratio was 59.8%, consistent with the first half of 2026 and up from 58.5% in the prior year quarter. The expense ratio was 34.3%.
International net written premium increased 4% in the quarter, or 6% excluding currency fluctuations. New business declined by $8 million to $86 million in the quarter. Retention remained strong at 87% as we hold onto profitable business in this segment. Rates were down 4% in the quarter, and renewal price change was down 2%. The environment in which our international unit operates continues to be highly competitive. Despite the competitive environment and some of the volatility it can cause, it remains an important contributor to our overall operation, and we continue to see tremendous potential there going forward.
Scott R. Lindquist, Chief Financial Officer:
CNA’s third quarter core income was $203 million compared with $409 million in the prior year quarter, resulting in a trailing twelve-month core return on equity of 8.6%. The decrease in core income reflects a $137 million unfavorable after-tax impact from our annual LTC reserve assumption updates. However, as detailed later in the Life & Group remarks, the unfavorable reserve assumption updates are almost entirely offset by a favorable economic impact from recent investment portfolio actions. Under GAAP accounting, the anticipated benefits of these portfolio actions are not immediately reflected in earnings, but rather are recognized through investment income over time.
Excluding the LTC assumption review impact, the quarter continued to reflect stable underlying underwriting performance and strong investment results.
Our P&C expense ratio was 29.7% for the third quarter and 29.9% year to date in 2026. Despite continued investments in talent, technology and AI capabilities, our expense ratio has remained below 30% in five of the last six quarters. We continue to believe an expense ratio around 30% represents a reasonable run-rate for 2026.
The P&C net prior period development impact on the combined ratio was flat in the current quarter. Favorable development in workers’ compensation, property, surety and International was offset by unfavorable development in excess casualty, and professional and management liability.
The P&C paid-to-incurred ratio was 74% for the quarter and 76% year to date in 2026. Paid losses can vary from quarter-to-quarter based on claim settlement activity and other factors.
2
Our Corporate segment produced a core loss of $23 million compared with a core loss of $25 million in the prior year quarter, which includes interest expense on our corporate debt and certain other expenses. Consistent with our historical practice, we intend to review our asbestos and environment pollution reserves during the fourth quarter.
Turning back to the Life & Group segment, we recorded a core loss of $171 million for the quarter compared with a core loss of $22 million in the prior year quarter. The current quarter results include a $137 million after-tax charge from our annual reserve assumption review.
As in prior years, we performed a comprehensive review of all the assumptions underlying our LTC reserves, which include cost of care inflation, morbidity, persistency and premium rate actions, using a valuation date of June 30, 2026. As detailed on slide 15 of the earnings presentation, the assumption updates resulted in a $173 million increase in GAAP reserves.
Notably for this year’s assumption updates, we strengthened our near-term cost of care inflation assumptions, increasing the GAAP reserve by $145 million, and we revised morbidity assumptions to reflect actual experience on richer benefit policies, increasing the GAAP reserve by $75 million. Partially offsetting was a $50 million favorable impact from our premium rate assumptions, reflecting actual rate achievement above expectations from approvals across a number of states.
As part of the annual reserve assumption review, we also evaluate the supporting investment portfolio and related future cash flows which consider any changes in portfolio characteristics as well as updated near-term interest rate expectations. As of the June 30, 2026 evaluation date, we estimate an increase in future investment income almost entirely offsetting the unfavorable reserve assumption changes. This is driven by the impact of portfolio actions taken in the second quarter of 2026 to incrementally increase fixed income portfolio duration with higher quality, higher yielding securities through a series of duration extension trades. The fixed income duration extension trading program continued into the third quarter with over $1.3 billion of trades executed this year through September 30th, exchanging shorter duration BBB+ rated bonds at 5.5% yield for longer-duration, A rated bonds yielding 6.2%, with a negligible realized loss on these trades. As I noted earlier, under GAAP accounting, the economic benefits of these recent portfolio actions are not immediately reflected through earnings, but rather are recognized through investment income over time.
Importantly, the annual review also reaffirmed our view that the LTC business maintains a substantial statutory reserve margin of $1.3 billion.
In sum, our third quarter LTC reserve assumption updates and accompanying LTC investment portfolio review further solidifies our belief that the block remains appropriately reserved and the overall economics of the block remain stable.
In addition to the investment portfolio actions just noted, we continue to make meaningful progress in actively managing and reducing the risk of our LTC business through policy inforce actions. During 2026, we received thirty rate increase approvals averaging 20% and have effectively doubled average premium rates since original pricing. Our policy buyout program has completed approximately 12,000 buyouts through roughly $400 million of payments since 2020. As a result of these actions as well as through natural run-off, policy counts have declined by 50% since 2015, and we further expect another 40% decrease over the next decade.
Finally, we believe our locked-in GAAP basis LTC reserves have reached a plateau level. The larger Individual LTC block is mature with an average attained age of 83 and is in the latter half of its reserve run-off. The younger Group LTC block, which features less risky policy benefit features and was more appropriately priced, will have reserves plateau at levels less than half that of Individual LTC. From where we are as to the maturity of the LTC block and underlying characteristics, we currently view the financial risk of the block as contained and expect it to continue to decline over the remaining run-off.
Turning to investment results, net investment income was $635 million in the third quarter compared with $638 million in the prior year quarter.
3
Fixed income and other investments generated $587 million of income, up 4% from the prior year quarter. Our A-rated fixed income portfolio continues to provide consistent contributions to core income, benefiting from a growing asset base and favorable reinvestment rates. The effective income yield of our consolidated fixed income portfolio was 5.0% in the third quarter, up from 4.9% in the second quarter and 4.8% in the prior year quarter. We continue to be able to reinvest at rates above our P&C portfolio effective income yield of 4.6% and our Life & Group portfolio effective income yield of 5.8%.
Looking ahead, based on the current interest rate environment, we expect income from fixed income and other investments to be approximately $600 million in the fourth quarter. For the full year, we expect income from fixed income and other investments to be over $2.3 billion.
Our limited partnership and common stock portfolios returned a $48 million gain, or 1.5%, in the quarter compared with a $71 million gain, or 2.5%, in the prior year quarter. The lower return was primarily driven by our hedge fund portfolio, which produced a loss in the current quarter following particularly strong results in the second quarter of 2026. Our private equity portfolio reported steady returns this quarter. As a reminder, private equity funds, which comprise the majority of our limited partnership portfolio, generally report on a quarter lag.
At quarter-end, our balance sheet remained very strong. Stockholders’ equity excluding AOCI was $12.5 billion, or $46.11 per share, a 5% increase from year-end 2025 adjusting for dividends. Including AOCI, stockholders’ equity was $10.2 billion, or $37.80 per share, which was impacted by a decrease in AOCI reflecting the effect of higher interest rates on unrealized losses in our fixed income portfolio. These unrealized losses are not indicative of credit deterioration and remain concentrated in investment-grade securities. Statutory capital and surplus in the combined Continental Casualty Companies was $11.2 billion, and our debt-to-capital ratio excluding AOCI was 19.2%.
Operating cash flow was $654 million for the quarter and $1,696 million for the first nine months of 2026. Cash flows continue to reflect higher paid losses for the year aligned with portfolio growth, partially offset by strong premium collections.
The effective tax rate on core income was 17.5% for the third quarter, reflecting a favorable provision-to-return adjustment primarily related to foreign subsidiary taxes. Excluding this item, the effective tax rate was approximately 21.2%, generally consistent with our expectations for the full year.
Finally, we are pleased to announce our regular quarterly dividend of $0.48 per share, payable on December 3, 2026 to stockholders of record on November 16, 2026.
Douglas M. Worman, Chairman and Chief Executive Officer:
We continue to be pleased by the operating fundamentals of our P&C businesses while maintaining a prudent posture in reserves. Our P&C operation produced core income of $397 million. Our expense ratio has remained below 30% in each quarter this year, as we continue to improve efficiency while reinvesting those gains in AI, technology and talent across the value chain to strengthen our capabilities and position us for long-term growth. We continue to be optimistic based on the results we are broadly seeing play out from our AI initiatives. These unique solutions have allowed us to continue to be more effective across our specialized operations.
In our run-off Life & Group segment, the results of the annual LTC reserve assumptions review reinforced our view that the block is appropriately reserved and its financial risk is contained.
Looking forward, we remain focused on driving disciplined execution in our portfolio to optimize our book given the varying current market conditions. That discipline will not change in the fourth quarter of the year and as we enter 2027 - we will continue to focus on growing in areas where we can achieve appropriate risk adjusted returns and be willing to walk away when we cannot.
4
Reconciliation of GAAP Measures to Non-GAAP Measures
These earnings remarks contain financial measures that are not in accordance with accounting principles generally accepted in the United States of America (GAAP). Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio. The Company believes the presentation of these measures provides investors with a better understanding of the significant factors that comprise the Company's operating performance. Reconciliations of these measures to the most comparable GAAP measures follow below.
Reconciliation of Net Income (Loss) to Core Income (Loss)
Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of our primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding our defined benefit pension plans which are unrelated to our primary operations. Management monitors core income (loss) for each business segment to assess segment performance. Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure.
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | ||||||||||||||||||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net income | $ | 196 | $ | 403 | $ | 728 | $ | 976 | |||||||||||||||
| Less: Net investment losses | (7) | (6) | (24) | (49) | |||||||||||||||||||
| Core income | $ | 203 | $ | 409 | $ | 752 | $ | 1,025 | |||||||||||||||
Reconciliation of Net Income (Loss) per Diluted Share to Core Income (Loss) per Diluted Share
Core income (loss) per diluted share provides management and investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core income (loss). Core income (loss) per diluted share is core income (loss) on a per diluted share basis.
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income per diluted share | $ | 0.72 | $ | 1.48 | $ | 2.67 | $ | 3.58 | |||||||||||||||
| Less: Net investment losses | (0.03) | (0.02) | (0.10) | (0.18) | |||||||||||||||||||
| Core income per diluted share | $ | 0.75 | $ | 1.50 | $ | 2.77 | $ | 3.76 | |||||||||||||||
5
Reconciliation of Net Income (Loss) to Underwriting Gain (Loss) and Underlying Underwriting Gain (Loss)
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 expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from our underwriting activities which are managed separately from our investing activities.
Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting results excluding catastrophe-related reinstatement premiums, catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities, excluding the impact of catastrophes, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance. The following tables present reconciliations of net income to core income, underwriting gain and underlying underwriting gain for our Property & Casualty Operations.
| Results for the Three Months Ended September 30, 2026 | |||||||||||||||||
| Specialty | Commercial | International | Property & Casualty | ||||||||||||||
| (In millions) | |||||||||||||||||
| Net income | $ | 143 | $ | 160 | $ | 88 | $ | 391 | |||||||||
| Net investment losses, after tax | 3 | 2 | 1 | 6 | |||||||||||||
| Core income | $ | 146 | $ | 162 | $ | 89 | $ | 397 | |||||||||
| Less: | |||||||||||||||||
| Net investment income | 150 | 204 | 48 | 402 | |||||||||||||
| Non-insurance warranty revenue (expense) | 18 | — | — | 18 | |||||||||||||
| Other revenue (expense), including interest expense | (13) | (5) | 14 | (4) | |||||||||||||
| Income tax expense on core income | (39) | (40) | (22) | (101) | |||||||||||||
| Underwriting gain | 30 | 3 | 49 | 82 | |||||||||||||
| Catastrophe-related reinstatement premiums | — | — | — | — | |||||||||||||
| Catastrophe losses | — | 70 | 8 | 78 | |||||||||||||
| Effect of unfavorable (favorable) development-related items | — | 35 | (35) | — | |||||||||||||
| Underlying underwriting gain | $ | 30 | $ | 108 | $ | 22 | $ | 160 | |||||||||
| Results for the Three Months Ended September 30, 2025 | |||||||||||||||||
| Specialty | Commercial | International | Property & Casualty | ||||||||||||||
| (In millions) | |||||||||||||||||
| Net income | $ | 173 | $ | 229 | $ | 44 | $ | 446 | |||||||||
| Net investment losses, after tax | 3 | 4 | 3 | 10 | |||||||||||||
| Core income | $ | 176 | $ | 233 | $ | 47 | $ | 456 | |||||||||
| Less: | |||||||||||||||||
| Net investment income | 162 | 192 | 42 | 396 | |||||||||||||
| Non-insurance warranty revenue (expense) | 16 | — | — | 16 | |||||||||||||
| Other revenue (expense), including interest expense | (15) | (3) | 1 | (17) | |||||||||||||
| Income tax expense on core income | (47) | (62) | (24) | (133) | |||||||||||||
| Underwriting gain | 60 | 106 | 28 | 194 | |||||||||||||
| Catastrophe-related reinstatement premiums | — | — | — | — | |||||||||||||
| Catastrophe losses | — | 39 | 2 | 41 | |||||||||||||
| Effect of development-related items | — | — | — | — | |||||||||||||
| Underlying underwriting gain | $ | 60 | $ | 145 | $ | 30 | $ | 235 | |||||||||
6
| Results for the Nine Months Ended September 30, 2026 | |||||||||||||||||
| Specialty | Commercial | International | Property & Casualty | ||||||||||||||
| (In millions) | |||||||||||||||||
| Net income | $ | 395 | $ | 498 | $ | 160 | $ | 1,053 | |||||||||
| Net investment losses, after tax | 7 | 8 | 3 | 18 | |||||||||||||
| Core income | $ | 402 | $ | 506 | $ | 163 | $ | 1,071 | |||||||||
| Less: | |||||||||||||||||
| Net investment income | 463 | 640 | 135 | 1,238 | |||||||||||||
| Non-insurance warranty revenue (expense) | 47 | — | — | 47 | |||||||||||||
| Other revenue (expense), including interest expense | (39) | (10) | 12 | (37) | |||||||||||||
| Income tax expense on core income | (107) | (128) | (57) | (292) | |||||||||||||
| Underwriting gain | 38 | 4 | 73 | 115 | |||||||||||||
| Catastrophe-related reinstatement premiums | — | 9 | — | 9 | |||||||||||||
| Catastrophe losses | — | 207 | 19 | 226 | |||||||||||||
| Effect of unfavorable (favorable) development-related items | 50 | 92 | (35) | 107 | |||||||||||||
| Underlying underwriting gain | $ | 88 | $ | 312 | $ | 57 | $ | 457 | |||||||||
| Results for the Nine Months Ended September 30, 2025 | |||||||||||||||||
| Specialty | Commercial | International | Property & Casualty | ||||||||||||||
| (In millions) | |||||||||||||||||
| Net income | $ | 487 | $ | 552 | $ | 135 | $ | 1,174 | |||||||||
| Net investment losses, after tax | 16 | 23 | 2 | 41 | |||||||||||||
| Core income | $ | 503 | $ | 575 | $ | 137 | $ | 1,215 | |||||||||
| Less: | |||||||||||||||||
| Net investment income | 483 | 575 | 114 | 1,172 | |||||||||||||
| Non-insurance warranty revenue (expense) | 42 | — | — | 42 | |||||||||||||
| Other revenue (expense), including interest expense | (40) | (10) | 12 | (38) | |||||||||||||
| Income tax expense on core income | (137) | (153) | (55) | (345) | |||||||||||||
| Underwriting gain | 155 | 163 | 66 | 384 | |||||||||||||
| Catastrophe-related reinstatement premiums | — | — | — | — | |||||||||||||
| Catastrophe losses | — | 182 | 18 | 200 | |||||||||||||
| Effect of unfavorable development-related items | 10 | 54 | — | 64 | |||||||||||||
| Underlying underwriting gain | $ | 165 | $ | 399 | $ | 84 | $ | 648 | |||||||||
7
Components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio
The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate our underwriting performance since they remove the impact of catastrophes which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance.
Specialty
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
| Loss ratio | 62.9 | % | 60.6 | % | 64.7 | % | 60.7 | % | |||||||||||||||||||||||||||
| Less: Effect of catastrophe impacts | 0.1 | — | — | — | |||||||||||||||||||||||||||||||
| Less: Effect of unfavorable development-related items | — | — | 1.9 | 0.4 | |||||||||||||||||||||||||||||||
| Underlying loss ratio | 62.8 | % | 60.6 | % | 62.8 | % | 60.3 | % | |||||||||||||||||||||||||||
| Expense ratio | 33.6 | % | 32.5 | % | 33.5 | % | 33.0 | % | |||||||||||||||||||||||||||
| Combined ratio | 96.8 | % | 93.3 | % | 98.6 | % | 94.0 | % | |||||||||||||||||||||||||||
| Underlying combined ratio | 96.7 | % | 93.3 | % | 96.7 | % | 93.6 | % | |||||||||||||||||||||||||||
Commercial
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
| Loss ratio | 73.0 | % | 66.1 | % | 72.9 | % | 68.7 | % | |||||||||||||||||||||||||||
| Less: Effect of catastrophe impacts | 4.8 | 2.7 | 5.0 | 4.3 | |||||||||||||||||||||||||||||||
| Less: Effect of unfavorable development-related items | 2.4 | — | 2.1 | 1.3 | |||||||||||||||||||||||||||||||
| Underlying loss ratio | 65.8 | % | 63.4 | % | 65.8 | % | 63.1 | % | |||||||||||||||||||||||||||
| Expense ratio | 26.2 | % | 26.1 | % | 26.5 | % | 26.9 | % | |||||||||||||||||||||||||||
| Combined ratio | 99.7 | % | 92.7 | % | 99.9 | % | 96.1 | % | |||||||||||||||||||||||||||
| Underlying combined ratio | 92.5 | % | 90.0 | % | 92.8 | % | 90.5 | % | |||||||||||||||||||||||||||
8
International
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
| Loss ratio | 51.8 | % | 59.1 | % | 58.2 | % | 60.3 | % | |||||||||||||||||||||||||||
| Less: Effect of catastrophe impacts | 2.1 | 0.6 | 1.8 | 1.8 | |||||||||||||||||||||||||||||||
| Less: Effect of favorable development-related items | (10.1) | — | (3.4) | — | |||||||||||||||||||||||||||||||
| Underlying loss ratio | 59.8 | % | 58.5 | % | 59.8 | % | 58.5 | % | |||||||||||||||||||||||||||
| Expense ratio | 34.3 | % | 32.7 | % | 34.7 | % | 32.9 | % | |||||||||||||||||||||||||||
| Combined ratio | 86.1 | % | 91.8 | % | 92.9 | % | 93.2 | % | |||||||||||||||||||||||||||
| Underlying combined ratio | 94.1 | % | 91.2 | % | 94.5 | % | 91.4 | % | |||||||||||||||||||||||||||
Property & Casualty
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
| Loss ratio | 66.9 | % | 63.4 | % | 68.3 | % | 65.0 | % | |||||||||||||||||||||||||||
| Less: Effect of catastrophe impacts | 2.8 | 1.5 | 2.9 | 2.6 | |||||||||||||||||||||||||||||||
| Less: Effect of unfavorable development-related items | — | — | 1.3 | 0.8 | |||||||||||||||||||||||||||||||
| Underlying loss ratio | 64.1 | % | 61.9 | % | 64.1 | % | 61.6 | % | |||||||||||||||||||||||||||
| Expense ratio | 29.7 | % | 29.1 | % | 29.9 | % | 29.7 | % | |||||||||||||||||||||||||||
| Combined ratio | 97.0 | % | 92.8 | % | 98.6 | % | 95.1 | % | |||||||||||||||||||||||||||
| Underlying combined ratio | 94.2 | % | 91.3 | % | 94.4 | % | 91.7 | % | |||||||||||||||||||||||||||
Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI
Book value per share excluding accumulated other comprehensive income (loss) (AOCI) allows management and investors to analyze the amount of the Company's net worth primarily attributable to the Company's business operations. The Company believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.
| September 30, 2026 | December 31, 2025 | ||||||||||
| Book value per share | $ | 37.80 | $ | 42.93 | |||||||
| Less: Per share impact of AOCI | (8.31) | (4.06) | |||||||||
| Book value per share excluding AOCI | $ | 46.11 | $ | 46.99 | |||||||
9
Calculation of Return on Equity and Core Return on Equity
Core return on equity provides management and investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to its business operations.
| Results for the Three Months Ended September 30 | Results for the Nine Months Ended September 30 | |||||||||||||||||||||||||
| ($ millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Annualized net income | $ | 784 | $ | 1,615 | $ | 970 | $ | 1,302 | ||||||||||||||||||
Average stockholders' equity including AOCI (a) | 10,708 | 10,992 | 10,925 | 10,917 | ||||||||||||||||||||||
| Return on equity | 7.3 | % | 14.7 | % | 8.9 | % | 11.9 | % | ||||||||||||||||||
| Annualized core income | $ | 812 | $ | 1,637 | $ | 1,003 | $ | 1,367 | ||||||||||||||||||
Average stockholders' equity excluding AOCI (a) | 12,440 | 12,390 | 12,598 | 12,518 | ||||||||||||||||||||||
| Core return on equity | 6.5 | % | 13.2 | % | 8.0 | % | 10.9 | % | ||||||||||||||||||
(a)Average stockholders' equity is calculated using a simple average of the beginning and ending balances for the period.
For additional information, please refer to CNA's filings with the Securities and Exchange Commission available at cna.com.
Forward-Looking Statements
These earnings remarks include statements that relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by CNA. For a detailed description of these risks and uncertainties, please refer to CNA’s filings with the Securities and Exchange Commission, available at cna.com.
Any forward-looking statements made in these earnings remarks are made by CNA as of the date of these remarks. Further, CNA does not have any obligation to update or revise any forward-looking statement contained in these remarks, even if CNA’s expectations or any related events, conditions or circumstances change.
10