CNA Financial Corporation
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Range $45 – $45
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About the company
CNA Financial Corporation is a prominent insurer primarily serving the United States market, specializing in commercial property and casualty solutions. Its operations are structured across five key segments: Specialty, Commercial, International, Life & Group, and Corporate & Other. The company delivers a comprehensive range of specialized insurance products and risk management services.
- CEO
- Douglas Merle Worman
- IPO
- 1969
- Employees
- 6,600
- HQ
- Chicago, IL, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $13.52B
- P/E
- 10.95
- Fwd P/E
- 11.89
- PEG
- 0.27
- P/S
- 0.90
- P/B
- 1.21
- EV/EBITDA
- 9.09
- Div Yield
- 7.81%
- Gross Margin
- 34.45%
- Op Margin
- 10.85%
- Net Margin
- 8.99%
- ROE
- 11.99%
- ROIC
- -121.62%
Latest fiscal year · YoY change
- Revenue
- $14.71B+5.1%
- Gross Profit
- $4.52B+1.3%
- Op Income
- $1.62B
- Net Income
- $1.28B+33.3%
- EPS
- $4.71+33.4%
- OCF Growth
- -3.2%
- FCF Growth
- -2.9%
- 52W High
- $55.71
- 52W Low
- $41.53
- 50D MA
- $50.16
- 200D MA
- $47.34
- Beta
- 0.29
- RSI (14)
- 42
- Avg Volume
- 518.67K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
CNA reported solid second-quarter core income and investment income growth, while keeping underwriting disciplined amid higher casualty loss picks and legacy mass tort charges.· August 3, 2026
- Core income was $324 million, with net investment income up 6% to $701 million.
- P&C net written premium grew 4% and new business rose 11% to a record $718 million.
- The P&C all-in combined ratio was 96.5%, including 2.3 points of catastrophe losses; the underlying combined ratio was 94.2%.
- Management kept loss assumptions conservative, citing a 64.1% P&C underlying loss ratio and unchanged long-run cost trend assumptions.
- Capital and liquidity remained strong, with stockholders’ equity of $12.4 billion excluding AOCI and a debt-to-capital ratio of 19.3% excluding AOCI.
CNA reported second-quarter core income of $324 million, versus $335 million in the prior-year quarter. Net investment income was $701 million, up 6% from $662 million a year ago. The P&C all-in combined ratio was 96.5%, including 2.3 points, or $60 million, of catastrophe impacts; the underlying combined ratio was 94.2% versus 91.7% last year. The P&C underlying loss ratio was 64.1%, up 2.6 points year over year, and the expense ratio was 29.7%, essentially flat and below 30%. Net written premium increased 4%, new business grew 11% to $718 million, and core return on equity was 10.5%. Looking ahead, management expects fixed income and other investment income of about $575 million in Q3 and about $2,300 million for full-year 2026, roughly 2% above full-year 2025. Management also said the P&C expense ratio around 30% remains a reasonable full-year 2026 run-rate.
Douglas Worman described the quarter as strong, emphasizing disciplined growth, excellent investment income, and high-quality underwriting results. He said CNA is keeping a “higher degree of conservatism” in loss picks because casualty classes take time to mature and social inflation remains a factor. He also highlighted early benefits from targeted underwriting actions, continued selectivity in competitive markets, and growing gains from AI, talent, and technology investments.
Scott Lindquist said the $324 million core income result was mainly affected by the higher current accident-year loss ratio actions taken last quarter, partly offset by stronger net investment income. He pointed to a 29.7% P&C expense ratio, flat year over year, and reiterated that around 30% is a reasonable 2026 run-rate. He also cited $77 million of after-tax unfavorable prior-period development in Corporate tied largely to legacy mass tort abuse claims, $1,042 million of first-half operating cash flow, $12.4 billion of stockholders’ equity excluding AOCI, and a 19.3% debt-to-capital ratio excluding AOCI. He added that quarterly dividends will remain $0.48 per share.
There was no live Q&A, so the call was effectively a prepared remarks update rather than an analyst back-and-forth. Management did, however, address the main investor concerns directly in remarks: reserve discipline in casualty and mass tort, catastrophe volatility, competitive pricing pressure in some classes, and the impact of higher paid losses on cash flow. They also gave forward expectations for fixed income and other investment income and reiterated that the quarterly expense ratio near 30% is a reasonable run-rate.
The positive case is that CNA is still growing premiums and new business while staying selective on price and terms, which management said is helping preserve underwriting discipline. Investment income is trending higher, AI and workflow investments are already being embedded across the company, and capital metrics remain strong.
The main risks are continued casualty loss pressure, social inflation, and legacy mass tort development, which drove the $77 million after-tax Corporate charge. Catastrophe losses also remain a meaningful quarterly swing factor, and management acknowledged softer pricing and intense competition in some lines, especially international and national accounts property.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 99.4%
- Shares Outstanding
- 270.60M
- Float Shares
- 268.97M
of shares held by institutions
295 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Loews Corp | 248.41M | 0 |
| Aqr Capital Management LLC | 2.83M | ▼ 211.56K |
| Blackrock, Inc. | 1.65M | ▼ 133.42K |
| First Trust Advisors LP | 1.04M | ▼ 1.06M |
| Morgan Stanley | 975.79K | ▲ 530.04K |
| Quantinno Capital Management LP | 867.25K | ▲ 182.00K |
| Sixth Street Partners Management Company, L.P. | 820.49K | ▲ 820.49K |
| Charles Schwab Investment Management Inc | 820.49K | ▲ 63.35K |
| Two Sigma Investments, LP | 811.62K | ▼ 70.41K |
| River Road Asset Management, LLC | 802.36K | ▼ 45.84K |
| Corda Investment Management, LLC. | 753.71K | ▲ 23.49K |
| Vanguard Group Inc | 578.00K | ▲ 31.46K |
Held by 226 ETFs
Biggest fund positions in CNA by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 4, 26 | James Mark Steven | sell | 8,273 |
| Aug 4, 26 | Franzetti Daniel Paul | sell | 22,656 |
| Mar 19, 26 | Neuenschwander Jeffrey John | sell | 3,287 |
| Mar 15, 26 | Worman Douglas | other | 106,075 |
| Mar 15, 26 | Worman Douglas | other | 37,062 |
| Mar 15, 26 | James Mark Steven | other | 14,451 |
| Mar 15, 26 | James Mark Steven | other | 6,791 |
| Mar 15, 26 | LINDQUIST SCOTT R | other | 37,232 |
| Mar 15, 26 | LINDQUIST SCOTT R | other | 18,603 |
| Mar 15, 26 | Franzetti Daniel Paul | other | 33,094 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our CNA coverage
Recent articles, reports, and earnings notes.
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