CNA Financial third-quarter results cover earnings, underwriting ratios, catastrophe losses, investment income and capital, according to the company’s filing with the SEC. Net income and core income were lower than in the prior year quarter, according to the release.
Headline Earnings and Segment Results
In its third-quarter release, CNA Financial reported the following: 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.
For its property and casualty business, the company reported: P&C core income of $397 million versus $456 million, reflects lower underlying underwriting results and higher catastrophe losses.
On the life and group business, the release states: “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.”
For the remaining reporting line, the release states: Corporate & Other core loss of $23 million versus $25 million in the prior year quarter.
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Property and Casualty Ratios, Pricing and Management Commentary
On underwriting, the release reports: 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.
On catastrophes, the release reports: Catastrophe losses of $78 million pretax versus $41 million in the prior year quarter.
On underlying results, the release reports: 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%.
On premiums and rates, the release reports: 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%.
The release includes commentary, which reads: “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 commentary on the underlying loss ratio reads: “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.”
The commentary on premiums and retention reads: “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.”
The commentary on pricing refers to a “Still-substantial rate increase in casualty lines impacted by social inflation”.
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Specialty, Commercial and International Segment Ratios
For the property and casualty segments as a group, the release reports: 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.
On the combined ratio, the release adds: The combined ratio increased 4.2 points as compared with the prior year quarter.
For Specialty, the release states: 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.
For Commercial, the release states: 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.
On Commercial catastrophe losses and prior period development, the release states: 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.
For International, the release states: 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.
On the International combined ratio, catastrophe losses and prior period development, the release states: 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.
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Investment Income, Book Value and Capital Position
On investment income, the release reports: 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.
The release describes the change in net investment income this way: 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.
On book value, the release reports: 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.
On stockholders’ equity, the release reports: 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.
On statutory capital, the release reports: As of September 30, 2026, statutory capital and surplus for the Combined Continental Casualty Companies was $11.2 billion.
On shareholder returns, the release states: CNA Financial declared a quarterly cash dividend of $0.48 per share, payable December 3, 2026 to stockholders of record on November 16, 2026.
