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0000021175falseCHXCommon Stock, Par value $2.50"CNA"00000211752026-08-032026-08-030000021175exch:XNYS2026-08-032026-08-030000021175exch:XCHI2026-08-032026-08-03

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) August 3, 2026

CNA FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)

Delaware 1-5823 36-6169860
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)

151 N. Franklin
Chicago, IL 60606
(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):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, Par value $2.50 "CNA" New York Stock Exchange
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 August 3, 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 second 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 August 3, 2026, providing information on the second quarter 2026 results of operations.
CNA Financial Corporation financial supplement, posted on its website August 3, 2026, providing supplemental financial information on the second quarter 2026.
CNA Financial Corporation earnings presentation, posted on its website August 3, 2026, providing information on the second quarter 2026 results of operations.
CNA Financial Corporation earnings remarks, posted on its website August 3, 2026, providing information on the second 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:  August 3, 2026 By /s/ Scott R. Lindquist
(Signature)
Scott R. Lindquist
Executive Vice President and
Chief Financial Officer



EX-99.1 2 q22026exhibit991.htm EX-99.1 Document

cnalogo_red.jpg

FOR IMMEDIATE RELEASE
CNA FINANCIAL ANNOUNCES SECOND QUARTER 2026
NET INCOME OF $1.18 PER SHARE AND CORE INCOME OF $1.19 PER SHARE
•Net income of $321 million versus $299 million in the prior year quarter; core income of $324 million versus $335 million in the prior year quarter.
•P&C core income of $426 million versus $448 million, reflects lower underlying underwriting results partially offset by higher net investment income.
•Life & Group core loss of $10 million versus core income of $1 million in the prior year quarter.
•Corporate & Other core loss of $92 million versus $114 million in the prior year quarter. The current quarter includes a $77 million after-tax charge related to unfavorable prior period development associated with legacy mass tort compared with an $88 million after-tax charge in the prior year quarter.
•Net investment income of $701 million, reflects a $31 million increase from limited partnerships and common stock to $131 million and an $8 million increase from fixed income securities and other investments to $570 million.
•P&C combined ratio of 96.5%, compared with 94.1% in the prior year quarter, including 2.3 points of catastrophe loss impact compared with 2.4 points in the prior year quarter. There was no net prior period development impact in the current or prior year quarters.
•Catastrophe losses of $60 million pretax versus $62 million in the prior year quarter.
•P&C underlying combined ratio was 94.2%, compared with 91.7% in the prior year quarter. P&C underlying loss ratio was 64.1%, consistent with the first quarter of 2026, and the expense ratio was 29.7%.
•P&C segments generated net written premium growth of 4% in the quarter. P&C renewal premium change of +2%.
•Book value per share of $41.34; book value per share excluding AOCI of $45.83, a 4% increase from year-end 2025 adjusting for $2.96 of dividends per share paid.
•Board of Directors declares regular quarterly cash dividend of $0.48 per share.

1





CHICAGO, August 3, 2026 --- CNA Financial Corporation (NYSE: CNA) today announced second quarter 2026 net income of $321 million, or $1.18 per share, versus $299 million, or $1.10 per share, in the prior year quarter. Net investment losses for the quarter were $3 million compared to $36 million in the prior year quarter. Core income for the quarter was $324 million, or $1.19 per share, versus $335 million, or $1.23 per share, in the prior year quarter.
Our Property & Casualty segments delivered core income of $426 million for the second quarter of 2026, a decrease of $22 million compared to the prior year quarter reflecting lower underlying underwriting results partially offset by higher net investment income. P&C segments generated net written premium growth of 4%, due to new business growth of 11% and renewal premium change of +2%.
Our Life & Group segment produced a core loss of $10 million for the second quarter of 2026 versus core income of $1 million in the prior year quarter.
Our Corporate & Other segment reported a core loss of $92 million for the second quarter of 2026 versus $114 million in the prior year quarter. The current quarter includes a $77 million after-tax charge related to unfavorable prior period development associated with legacy mass tort compared with an $88 million after-tax charge in the second quarter of 2025.
CNA Financial declared a quarterly cash dividend of $0.48 per share, payable September 3, 2026 to stockholders of record on August 17, 2026.
Results for the Three Months Ended June 30 Results for the Six Months Ended June 30
($ millions, except per share data) 2026 2025 2026 2025
Net income $ 321  $ 299  $ 532  $ 573 
Core income (a)
324  335  549  616 
Net income per diluted share $ 1.18  $ 1.10  $ 1.95  $ 2.10 
Core income per diluted share 1.19  1.23  2.02  2.26 
June 30, 2026 December 31, 2025
Book value per share $ 41.34 $ 42.93
Book value per share excluding AOCI 45.83 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 second quarter results with core income of $324 million reflecting deliberate and disciplined growth, excellent investment income and high-quality underwriting results underpinned by the prudent loss ratio selections we established in the first quarter, further reinforcing the resilience of our balance sheet.
The P&C all-in combined ratio was 96.5% in the quarter, including 2.3 points of catastrophe impact and no impact from prior period development. Our underlying loss ratio of 64.1% was consistent with last quarter 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 4% in the quarter, new business grew 11% to a record high $718 million and retention was 83%. We still see tremendous opportunities in various areas across our portfolio where we can write accounts for the right price, with terms and conditions and mix of portfolio to achieve appropriate risk-adjusted returns. However, as we have done historically, there are areas where we have pulled back and will remain cautious as market conditions warrant.
Renewal premium change was up 2% while rate increase was flat. Still-substantial rate increase in social inflation impacted casualty lines and higher rate in our Specialty segment offset rate decreases in property, workers’ compensation and our International segment.
Looking ahead we remain focused on disciplined growth strategies and maintaining a prudent reserve posture while investing smartly in the business. We are gaining momentum in operationalizing artificial intelligence with efficiency and effectiveness solutions deployed and embedded into the core workflows across our organization. We are pleased with our second quarter property reinsurance renewals which were oversubscribed at favorable terms and remain economically accretive to the organization. With a strong balance sheet and disciplined execution, we are well positioned to continue to capitalize on attractive opportunities with focused specialization in the areas where we do business," said Douglas M. Worman, Chairman & Chief Executive Officer of CNA Financial Corporation
3





Property & Casualty Operations
Results for the Three Months Ended June 30 Results for the Six Months Ended June 30
($ millions) 2026 2025 2026 2025
Net written premiums $ 2,965  $ 2,846  $ 5,587  $ 5,452 
NWP change (% year over year) 4  % 2  %
Net earned premiums $ 2,656  $ 2,588  $ 5,254  $ 5,108 
NEP change (% year over year) 3  % 3  %
Underwriting gain $ 92  $ 150  $ 33  $ 190 
Net investment income $ 461  $ 414  $ 836  $ 776 
Core income $ 426  $ 448  $ 674  $ 759 
Loss ratio 66.4  % 63.9  % 69.0  % 65.8  %
Less: Effect of catastrophe impacts 2.3  2.4  2.9  3.1 
Less: Effect of unfavorable development-related items —  —  2.0  1.2 
Underlying loss ratio 64.1  % 61.5  % 64.1  % 61.5  %
Expense ratio 29.7  % 29.8  % 30.0  % 30.1  %
Combined ratio 96.5  % 94.1  % 99.4  % 96.3  %
Underlying combined ratio 94.2  % 91.7  % 94.5  % 92.0  %
•The underlying combined ratio increased 2.5 points as compared with the prior year quarter, primarily the result of a 2.6 point increase in the underlying loss ratio to 64.1%, with increases across each segment. The underlying loss ratio was consistent with the first quarter of 2026. The expense ratio was consistent with the prior year quarter.
•The combined ratio increased 2.4 points as compared with the prior year quarter. Catastrophe losses were $60 million, or 2.3 points of the loss ratio in the quarter compared with $62 million, or 2.4 points of the loss ratio, for the prior year quarter.


4





Business Operating Highlights
Specialty
Results for the Three Months Ended June 30 Results for the Six Months Ended June 30
($ millions) 2026 2025 2026 2025
Net written premiums $ 937  $ 892  $ 1,771  $ 1,734 
NWP change (% year over year) 5  % 2  %
Net earned premiums $ 878  $ 862  $ 1,730  $ 1,692 
NEP change (% year over year) 2  % 2  %
Underwriting gain $ 32  $ 53  $ 8  $ 95 
Loss ratio 62.8  % 60.1  % 65.7  % 60.7  %
Less: Effect of catastrophe impacts —  —  —  — 
Less: Effect of unfavorable development-related items —  —  2.9  0.6 
Underlying loss ratio 62.8  % 60.1  % 62.8  % 60.1  %
Expense ratio 33.3  % 33.2  % 33.4  % 33.3  %
Combined ratio 96.5  % 93.6  % 99.5  % 94.3  %
Underlying combined ratio 96.5  % 93.6  % 96.6  % 93.7  %
•The underlying combined ratio increased 2.9 points as compared with the prior year quarter. The underlying loss ratio increased 2.7 points as compared with the prior year quarter, reflecting increases across various lines. The expense ratio was consistent with the prior year quarter.
•The combined ratio increased 2.9 points as compared with the prior year quarter.
5





Commercial
Results for the Three Months Ended June 30 Results for the Six Months Ended June 30
($ millions) 2026 2025 2026 2025
Net written premiums $ 1,643  $ 1,563  $ 3,123  $ 3,061 
NWP change (% year over year) 5  % 2  %
Net earned premiums $ 1,441  $ 1,402 $ 2,853  $ 2,782 
NEP change (% year over year) 3  % 3  %
Underwriting gain $ 50  $ 74 $ 1  $ 57 
Loss ratio 69.5  % 67.1 % 72.8  % 70.0  %
Less: Effect of catastrophe impacts 3.7  4.2 5.1  5.2 
Less: Effect of unfavorable development-related items —  — 1.9  1.9 
Underlying loss ratio 65.8  % 62.9 % 65.8  % 62.9  %
Expense ratio 26.6  % 27.2 % 26.6  % 27.4  %
Combined ratio 96.5  % 94.8 % 99.9  % 97.9  %
Underlying combined ratio 92.8  % 90.6 % 92.9  % 90.8  %
•The underlying combined ratio increased 2.2 points as compared with the prior year quarter. The underlying loss ratio increased 2.9 points as compared with the prior year quarter, primarily the result of increases in excess casualty and workers' compensation. The expense ratio improved 0.6 points primarily due to a favorable acquisition ratio.
•The combined ratio increased 1.7 points as compared with the prior year quarter. Catastrophe losses were $53 million, or 3.7 points of the loss ratio in the quarter compared with $57 million, or 4.2 points of the loss ratio, for the prior year quarter.

6





International
Results for the Three Months Ended June 30 Results for the Six Months Ended June 30
($ millions) 2026 2025 2026 2025
Net written premiums $ 385  $ 391  $ 693  $ 657 
NWP change (% year over year) (2) % % 5  %
Net earned premiums $ 337  $ 324  $ 671  $ 634 
NEP change (% year over year) 4  % % 6  %
Underwriting gain $ 10  $ 23  $ 24  $ 38 
Loss ratio 62.0  % 59.9  % 61.5  % 61.0  %
Less: Effect of catastrophe impacts 2.2  1.4  1.7  2.5 
Less: Effect of (favorable) unfavorable development-related items —  —  —  — 
Underlying loss ratio 59.8  % 58.5  % 59.8  % 58.5  %
Expense ratio 34.9  % 32.9  % 34.9  % 33.0  %
Combined ratio 96.9  % 92.8  % 96.4  % 94.0  %
Underlying combined ratio 94.7  % 91.4  % 94.7  % 91.5  %
•The underlying combined ratio increased 3.3 points as compared with the prior year quarter. The expense ratio increased 2.0 points attributed to continued investments in talent and technology and higher acquisition costs, partially offset by net earned premium growth of 4%. The underlying loss ratio increased 1.3 points as compared with the prior year quarter, with increases across most lines.
•The combined ratio increased 4.1 points as compared with the prior year quarter. Catastrophe losses were $7 million, or 2.2 points of the loss ratio in the quarter compared with $5 million or 1.4 points of the loss ratio, for the prior year quarter.
•Excluding currency fluctuations, net written premiums declined 3% for the second quarter of 2026.
7





Life & Group
Results for the Three Months Ended June 30 Results for the Six Months Ended June 30
($ millions) 2026 2025 2026 2025
Net earned premiums $ 103  $ 106  $ 206  $ 212 
Claims, benefits and expenses 350  345  694  675 
Net investment income $ 230  $ 235  $ 454  $ 461 
Core (loss) income $ (10) $ 1  $ (19) $ 7 
Core results decreased $11 million for the second quarter of 2026 as compared with the prior year quarter, reflecting lower net investment income.
Corporate & Other
Results for the Three Months Ended June 30 Results for the Six Months Ended June 30
($ millions) 2026 2025 2026 2025
Insurance claims and policyholders' benefits $ 77  $ 108  $ 60  $ 117 
Interest expense 33  31  66  63 
Net investment income 10  13  21  29 
Core loss (92) (114) (106) (150)
Core loss improved $22 million for the second quarter of 2026 as compared with the prior year quarter. The current quarter includes a $77 million after-tax charge related to unfavorable prior period development associated with legacy mass tort compared with an $88 million after-tax charge in the prior year quarter. The current quarter also includes an increase of $13 million after-tax associated with the amortization of the deferred gain related to the A&EP Loss Portfolio Transfer.
Net Investment Income
Results for the Three Months Ended June 30 Results for the Six Months Ended June 30
2026 2025 2026 2025
Fixed income securities and other $ 570  $ 562  $ 1,138  $ 1,112 
Limited partnership and common stock investments 131  100  173  154 
Net investment income $ 701  $ 662  $ 1,311  $ 1,266 
Net investment income increased $39 million for the second quarter of 2026. The increase was driven by higher limited partnership and common stock returns, as well as higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates.
Stockholders' Equity
Stockholders’ equity of $11.2 billion decreased 4% from year-end 2025, primarily due to dividends paid to stockholders and an increase in net unrealized investment losses partially offset by net income.
Book value per share ex AOCI of $45.83 increased 4% from year-end 2025 adjusting for $2.96 of dividends per share.
As of June 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 June 30 Results for the Six Months Ended June 30
($ millions) 2026 2025 2026 2025
Net income $ 321  $ 299  $ 532  $ 573 
Less: Net investment losses (3) (36) (17) (43)
Core income $ 324  $ 335  $ 549  $ 616 
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 June 30 Results for the Six Months Ended June 30
2026 2025 2026 2025
Net income per diluted share $ 1.18  $ 1.10  $ 1.95  $ 2.10 
Less: Net investment losses (0.01) (0.13) (0.07) (0.16)
Core income per diluted share $ 1.19  $ 1.23  $ 2.02  $ 2.26 
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 June 30, 2026
Specialty Commercial International Property & Casualty
(In millions)
Net income $ 157  $ 233  $ 36  $ 426 
Net investment (gains) losses, after tax —  (1) 1  — 
Core income $ 157  $ 232  $ 37  $ 426 
Less:
Net investment income 171  246  44  461 
Non-insurance warranty revenue (expense) 11  —  —  11 
Other revenue (expense), including interest expense (15) (3) —  (18)
Income tax expense on core income (42) (61) (17) (120)
Underwriting gain 32  50  10  92 
Catastrophe-related reinstatement premiums —  —  —  — 
Catastrophe losses —  53  7  60 
Effect of unfavorable development-related items —  1  —  1 
Underlying underwriting gain $ 32  $ 104  $ 17  $ 153 
Results for the Three Months Ended June 30, 2025
Specialty Commercial International Property & Casualty
(In millions)
Net income $ 165  $ 199  $ 53  $ 417 
Net investment losses, after tax 12  19  —  31 
Core income $ 177  $ 218  $ 53  $ 448 
Less:
Net investment income 170  206  38  414 
Non-insurance warranty revenue (expense) 14  —  —  14 
Other revenue (expense), including interest expense (11) (5) 10  (6)
Income tax expense on core income (49) (57) (18) (124)
Underwriting gain 53  74  23  150 
Catastrophe-related reinstatement premiums —  —  —  — 
Catastrophe losses —  57  5  62 
Effect of unfavorable development-related items —  1  —  1 
Underlying underwriting gain $ 53  $ 132  $ 28  $ 213 
11





Results for the Six Months Ended June 30, 2026
Specialty Commercial International Property & Casualty
(In millions)
Net income $ 252  $ 338  $ 72  $ 662 
Net investment losses, after tax 4  6  2  12 
Core income $ 256  $ 344  $ 74  $ 674 
Less:
Net investment income 313  436  87  836 
Non-insurance warranty revenue (expense) 29  —  —  29 
Other revenue (expense), including interest expense (26) (5) (2) (33)
Income tax expense on core income (68) (88) (35) (191)
Underwriting gain 8  1  24  33 
Catastrophe-related reinstatement premiums —  9  —  9 
Catastrophe losses —  137  11  148 
Effect of unfavorable development-related items 50  57  —  107 
Underlying underwriting gain $ 58  $ 204  $ 35  $ 297 
Results for the Six Months Ended June 30, 2025
Specialty Commercial International Property & Casualty
(In millions)
Net income $ 314  $ 323  $ 91  $ 728 
Net investment losses (gains), after tax 13  19  (1) 31 
Core income $ 327  $ 342  $ 90  $ 759 
Less:
Net investment income 321  383  72  776 
Non-insurance warranty revenue (expense) 26  —  —  26 
Other revenue (expense), including interest expense (25) (7) 11  (21)
Income tax expense on core income (90) (91) (31) (212)
Underwriting gain 95  57  38  190 
Catastrophe-related reinstatement premiums —  —  —  — 
Catastrophe losses —  143  16  159 
Effect of unfavorable development-related items 10  53  —  63 
Underlying underwriting gain $ 105  $ 253  $ 54  $ 412 



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.
June 30, 2026 December 31, 2025
Book value per share $ 41.34  $ 42.93 
Less: Per share impact of AOCI (4.49) (4.06)
Book value per share excluding AOCI $ 45.83  $ 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 June 30 Results for the Six Months Ended June 30
($ millions) 2026 2025 2026 2025
Annualized net income $ 1,282  $ 1,195  $ 1,063  $ 1,145 
Average stockholders' equity including AOCI (a)
11,021  10,470  11,403  10,587 
Return on equity 11.6  % 11.4  % 9.3  % 10.8  %
Annualized core income $ 1,297  $ 1,340  $ 1,099  $ 1,233 
Average stockholders' equity excluding AOCI (a)
12,304  12,156  12,560  12,375 
Core return on equity 10.5  % 11.0  % 8.8  % 10.0  %
(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.

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EX-99.2 3 cnaq22026financialsupple.htm EX-99.2 cnaq22026financialsupple
CNA Financial Corporation Supplemental Financial Information June 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 June 30 Three Months Six Months (In millions) 2026 2025 Change 2026 2025 Change Revenues: Net earned premiums $ 2,759 $ 2,694 2 % $ 5,460 $ 5,320 3 % Net investment income 701 662 6 1,311 1,266 4 Net investment (losses) gains (5) (46) (23) (55) Non-insurance warranty revenue 367 398 741 795 Other revenues 7 9 17 18 Total revenues 3,829 3,717 3 7,506 7,344 2 Claims, Benefits and Expenses: Insurance claims and policyholders’ benefits (re-measurement loss of $25, $15, $44 and $23) 2,169 2,085 4,344 4,112 Amortization of deferred acquisition costs 481 469 957 940 Non-insurance warranty expense 356 384 712 769 Other operating expenses 385 368 755 731 Interest expense 33 31 66 63 Total claims, benefits and expenses 3,424 3,337 (3) 6,834 6,615 (3) Income (loss) before income tax 405 380 672 729 Income tax (expense) benefit (84) (81) (140) (156) Net income (loss) $ 321 $ 299 7 % $ 532 $ 573 (7) % 1

 
Components of Income (Loss), Per Share Data and Return on Equity Periods ended June 30 Three Months Six Months (In millions, except per share data) 2026 2025 2026 2025 Components of Income (Loss) Core income (loss) $ 324 $ 335 $ 549 $ 616 Net investment gains (losses) (3) (36) (17) (43) Net income (loss) $ 321 $ 299 $ 532 $ 573 Diluted Earnings (Loss) Per Common Share Core income (loss) $ 1.19 $ 1.23 $ 2.02 $ 2.26 Net investment gains (losses) (0.01) (0.13) (0.07) (0.16) Diluted earnings (loss) per share $ 1.18 $ 1.10 $ 1.95 $ 2.10 Weighted Average Outstanding Common Stock and Common Stock Equivalents Basic 270.9 271.1 271.0 271.2 Diluted 271.7 272.2 272.0 272.4 Return on Equity Net income (loss) (1) 11.6 % 11.4 % 9.3 % 10.8 % Core income (loss) (2) 10.5 11.0 8.8 10.0 (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) June 30, 2026 December 31, 2025 Total investments $ 50,456 $ 50,447 Reinsurance receivables, net of allowance for uncollectible receivables 6,497 6,381 Total assets 69,874 69,443 Insurance reserves 48,787 47,682 Claim and claim adjustment expenses 27,490 26,599 Unearned premiums 8,035 7,635 Future policy benefits 13,262 13,448 Debt 2,973 2,971 Total liabilities 58,688 57,822 Accumulated other comprehensive income (loss) (1) (1,216) (1,098) Total stockholders' equity 11,186 11,621 Book value per common share $ 41.34 $ 42.93 Book value per common share excluding AOCI $ 45.83 $ 46.99 Outstanding shares of common stock (in millions of shares) 270.6 270.7 Statutory capital and surplus - Combined Continental Casualty Companies (2) $ 11,194 $ 11,578 Three Months Ended June 30 2026 2025 Net cash flows provided (used) by operating activities $ 649 $ 562 Net cash flows provided (used) by investing activities (699) (559) Net cash flows provided (used) by financing activities (131) (125) Net cash flows provided (used) by operating, investing and financing activities $ (181) $ (122) Six Months Ended June 30 2026 2025 Net cash flows provided (used) by operating activities $ 1,042 $ 1,200 Net cash flows provided (used) by investing activities (255) (471) Net cash flows provided (used) by financing activities (867) (847) Net cash flows provided (used) by operating, investing and financing activities $ (80) $ (118) (1) As of June 30, 2026 and December 31, 2025, AOCI included after-tax cumulative impacts of changes in discount rates used to measure long duration contracts of $372 million and $192 million. (2) Statutory capital and surplus as of June 30, 2026 is preliminary. 3

 
Property & Casualty - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2026 2025 Change 2026 2025 Change Gross written premiums $ 4,168 $ 4,194 (1) % $ 7,901 $ 8,092 (2) % Gross written premiums ex. warranty captives 3,656 3,519 4 6,875 6,733 2 Net written premiums 2,965 2,846 4 5,587 5,452 2 Net earned premiums 2,656 2,588 3 5,254 5,108 3 Insurance claims and policyholders' benefits 1,772 1,664 3,650 3,382 Amortization of deferred acquisition costs 481 469 957 940 Insurance related administrative expenses 311 305 614 596 Underwriting gain (loss) 92 150 (39) 33 190 (83) Net investment income 461 414 11 836 776 8 Non-insurance warranty revenue 367 398 741 795 Other revenues 8 9 18 18 Non-insurance warranty expense 356 384 712 769 Other expenses 26 15 51 39 Interest expense — — — — Core income (loss) before income tax 546 572 865 971 Income tax (expense) benefit on core income (loss) (120) (124) (191) (212) Core income (loss) $ 426 $ 448 (5) % $ 674 $ 759 (11) % Other Performance Metrics Underwriting gain (loss) $ 92 $ 150 (39) % $ 33 $ 190 (83) % Catastrophe-related reinstatement premiums — — 9 — Catastrophe losses 60 62 148 159 (Favorable) unfavorable net prior year loss reserve development (6) (4) 94 57 (Favorable) unfavorable other development-related items (1) 7 5 13 6 Effect of (favorable) unfavorable development-related items 1 1 107 63 Underlying underwriting gain (loss) $ 153 $ 213 (28) % $ 297 $ 412 (28) % Loss & LAE ratio 66.4 % 63.9 % (2.5) pts 69.0 % 65.8 % (3.2) pts Expense ratio 29.7 29.8 0.1 30.0 30.1 0.1 Dividend ratio 0.4 0.4 — 0.4 0.4 — Combined ratio 96.5 % 94.1 % (2.4) pts 99.4 % 96.3 % (3.1) pts Less: Effect of catastrophe impacts 2.3 2.4 0.1 2.9 3.1 0.2 Less: Effect of (favorable) unfavorable development-related items — — — 2.0 1.2 (0.8) Underlying combined ratio 94.2 % 91.7 % (2.5) pts 94.5 % 92.0 % (2.5) pts Rate — % 3 % (3) pts 1 % 4 % (3) pts Renewal premium change 2 % 5 % (3) pts 2 % 5 % (3) pts Retention 83 % 83 % — pts 83 % 84 % (1) pts New business $ 718 $ 645 11 % $ 1,299 $ 1,210 7 % (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 June 30 Three Months Six Months (In millions) 2026 2025 Change 2026 2025 Change Gross written premiums $ 1,582 $ 1,692 (7) % $ 3,090 $ 3,364 (8) % Gross written premiums ex. warranty captives 1,071 1,016 5 2,065 2,005 3 Net written premiums 937 892 5 1,771 1,734 2 Net earned premiums 878 862 2 1,730 1,692 2 Insurance claims and policyholders' benefits 554 522 1,144 1,033 Amortization of deferred acquisition costs 201 195 398 384 Insurance related administrative expenses 91 92 180 180 Underwriting gain (loss) 32 53 (40) 8 95 (92) Net investment income 171 170 1 313 321 (2) Non-insurance warranty revenue 367 398 741 795 Other revenues — (1) 1 — Non-insurance warranty expense 356 384 712 769 Other expenses 15 10 27 25 Interest expense — — — — Core income (loss) before income tax 199 226 324 417 Income tax (expense) benefit on core income (loss) (42) (49) (68) (90) Core income (loss) $ 157 $ 177 (11) % $ 256 $ 327 (22) % Other Performance Metrics Underwriting gain (loss) $ 32 $ 53 (40) % $ 8 $ 95 (92) % Catastrophe losses — — — — (Favorable) unfavorable net prior year loss reserve development (1) — 44 10 (Favorable) unfavorable other development-related items (1) 1 — 6 — Effect of (favorable) unfavorable development-related items — — 50 10 Underlying underwriting gain (loss) $ 32 $ 53 (40) % $ 58 $ 105 (45) % Loss & LAE ratio 62.8 % 60.1 % (2.7) pts 65.7 % 60.7 % (5.0) pts Expense ratio 33.3 33.2 (0.1) 33.4 33.3 (0.1) Dividend ratio 0.4 0.3 (0.1) 0.4 0.3 (0.1) Combined ratio 96.5 % 93.6 % (2.9) pts 99.5 % 94.3 % (5.2) pts Less: Effect of catastrophe impacts — — — — — — Less: Effect of (favorable) unfavorable development-related items — — — 2.9 0.6 (2.3) Underlying combined ratio 96.5 % 93.6 % (2.9) pts 96.6 % 93.7 % (2.9) pts Rate 4 % 3 % 1 pts 4 % 3 % 1 pts Renewal premium change 4 % 4 % — pts 4 % 4 % — pts Retention 85 % 86 % (1) pts 85 % 88 % (3) pts New business $ 175 $ 122 43 % $ 302 $ 234 29 % (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 June 30 Three Months Six Months (In millions) 2026 2025 Change 2026 2025 Change Gross written premiums $ 2,140 $ 2,065 4 % $ 3,968 $ 3,918 1 % Net written premiums 1,643 1,563 5 3,123 3,061 2 Net earned premiums 1,441 1,402 3 2,853 2,782 3 Insurance claims and policyholders' benefits 1,009 947 2,093 1,962 Amortization of deferred acquisition costs 207 211 413 430 Insurance related administrative expenses 175 170 346 333 Underwriting gain (loss) 50 74 (32) 1 57 (98) Net investment income 246 206 19 436 383 14 Other revenues 8 10 17 18 Other expenses 11 15 22 25 Core income (loss) before income tax 293 275 432 433 Income tax (expense) benefit on core income (loss) (61) (57) (88) (91) Core income (loss) $ 232 $ 218 6 % $ 344 $ 342 1 % Other Performance Metrics Underwriting gain (loss) $ 50 $ 74 (32) % $ 1 $ 57 (98) % Catastrophe-related reinstatement premiums — — 9 — Catastrophe losses 53 57 137 143 (Favorable) unfavorable net prior year loss reserve development (5) (4) 50 47 (Favorable) unfavorable other development-related items (1) 6 5 7 6 Effect of (favorable) unfavorable development-related items 1 1 57 53 Underlying underwriting gain (loss) $ 104 $ 132 (21) % $ 204 $ 253 (19) % Loss & LAE ratio 69.5 % 67.1 % (2.4) pts 72.8 % 70.0 % (2.8) pts Expense ratio 26.6 27.2 0.6 26.6 27.4 0.8 Dividend ratio 0.4 0.5 0.1 0.5 0.5 — Combined ratio 96.5 % 94.8 % (1.7) pts 99.9 % 97.9 % (2.0) pts Less: Effect of catastrophe impacts 3.7 4.2 0.5 5.1 5.2 0.1 Less: Effect of (favorable) unfavorable development-related items — — — 1.9 1.9 — Underlying combined ratio 92.8 % 90.6 % (2.2) pts 92.9 % 90.8 % (2.1) pts Rate — % 5 % (5) pts 1 % 6 % (5) pts Renewal premium change 2 % 6 % (4) pts 3 % 7 % (4) pts Retention 81 % 81 % — pts 81 % 83 % (2) pts New business $ 446 $ 420 6 % $ 815 $ 790 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 June 30 Three Months Six Months (In millions) 2026 2025 Change 2026 2025 Change Gross written premiums $ 446 $ 437 2 % $ 843 $ 810 4 % Net written premiums 385 391 (2) 693 657 5 Net earned premiums 337 324 4 671 634 6 Insurance claims and policyholders' benefits 209 195 413 387 Amortization of deferred acquisition costs 73 63 146 126 Insurance related administrative expenses 45 43 88 83 Underwriting gain (loss) 10 23 (57) 24 38 (37) Net investment income 44 38 16 87 72 21 Other revenues — — — — Other expenses — (10) 2 (11) Core income (loss) before income tax 54 71 109 121 Income tax (expense) benefit on core income (loss) (17) (18) (35) (31) Core income (loss) $ 37 $ 53 (30) % $ 74 $ 90 (18) % Other Performance Metrics Underwriting gain (loss) $ 10 $ 23 (57) % $ 24 $ 38 (37) % Catastrophe losses 7 5 11 16 (Favorable) unfavorable net prior year loss reserve development — — — — (Favorable) unfavorable other development-related items (1) — — — — Effect of (favorable) unfavorable development-related items — — — — Underlying underwriting gain (loss) $ 17 $ 28 (39) % $ 35 $ 54 (35) % Loss & LAE ratio 62.0 % 59.9 % (2.1) pts 61.5 % 61.0 % (0.5) pts Expense ratio 34.9 32.9 (2.0) 34.9 33.0 (1.9) Dividend ratio — — — — — — Combined ratio 96.9 % 92.8 % (4.1) pts 96.4 % 94.0 % (2.4) pts Less: Effect of catastrophe impacts 2.2 1.4 (0.8) 1.7 2.5 0.8 Less: Effect of (favorable) unfavorable development-related items — — — — — — Underlying combined ratio 94.7 % 91.4 % (3.3) pts 94.7 % 91.5 % (3.2) pts Rate (5) % (4) % (1) pts (5) % (3) % (2) pts Renewal premium change (2) % (1) % (1) pts (2) % — % (2) pts Retention 87 % 86 % 1 pts 86 % 85 % 1 pts New business $ 97 $ 103 (6) % $ 182 $ 186 (2) % (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 June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Net earned premiums $ 103 $ 106 $ 206 $ 212 Net investment income 230 235 454 461 Other revenues (1) — (1) — Total operating revenues 332 341 659 673 Insurance claims and policyholders' benefits 320 313 634 613 Insurance related administrative expenses 31 31 60 61 Other expenses (1) 1 — 1 Total claims, benefits and expenses 350 345 694 675 Core income (loss) before income tax (18) (4) (35) (2) Income tax (expense) benefit on core income (loss) 8 5 16 9 Core income (loss) $ (10) $ 1 $ (19) $ 7 8

 
Corporate & Other - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Net earned premiums $ — $ — $ — $ — Net investment income 10 13 21 29 Other revenues — — — — Total operating revenues 10 13 21 29 Insurance claims and policyholders' benefits 77 108 60 117 Insurance related administrative expenses 1 1 1 1 Interest expense 33 31 66 63 Other expenses 17 15 29 33 Total claims, benefits and expenses 128 155 156 214 Core income (loss) before income tax (118) (142) (135) (185) Income tax (expense) benefit on core income (loss) 26 28 29 35 Core income (loss) $ (92) $ (114) $ (106) $ (150) 9

 
Investment Summary - Consolidated June 30, 2026 March 31, 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 $ 25,257 $ (451) $ 25,001 $ (592) $ 25,257 $ (199) States, municipalities and political subdivisions: Tax-exempt 4,865 23 4,665 (83) 4,545 (6) Taxable 3,970 (445) 3,907 (455) 3,886 (433) Total states, municipalities and political subdivisions 8,835 (422) 8,572 (538) 8,431 (439) Asset-backed: RMBS 3,881 (354) 3,700 (335) 3,695 (316) CMBS 1,492 (67) 1,459 (68) 1,483 (62) Other ABS 3,461 (203) 3,499 (200) 3,543 (166) Total asset-backed 8,834 (624) 8,658 (603) 8,721 (544) U.S. Treasury and obligations of government-sponsored enterprises 239 (3) 242 (2) 234 (2) Foreign government 709 (13) 749 (20) 751 (13) Redeemable preferred stock 8 — 8 — 8 — Total fixed maturity securities 43,882 (1,513) 43,230 (1,755) 43,402 (1,197) Equities: Common stock 249 — 247 — 237 — Non-redeemable preferred stock 544 — 538 — 532 — Total equities 793 — 785 — 769 — Limited partnership investments: Hedge funds 381 — 314 — 336 — Private equity funds 2,523 — 2,509 — 2,436 — Total limited partnership investments 2,904 — 2,823 — 2,772 — Other invested assets 119 — 110 — 105 — Mortgage loans 1,037 — 1,055 — 1,079 — Short-term investments 1,721 — 1,499 — 2,320 — Total investments $ 50,456 $ (1,513) $ 49,502 $ (1,755) $ 50,447 $ (1,197) Net receivable/(payable) on investment activity $ (51) $ (112) $ 46 Effective duration (in years) 6.4 6.3 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 June 30, 2026 March 31, 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 $ 14,334 $ (263) $ 14,177 $ (316) $ 14,244 $ (143) States, municipalities and political subdivisions: Tax-exempt 2,659 (109) 2,497 (172) 2,360 (137) Taxable 2,646 (355) 2,569 (363) 2,523 (354) Total states, municipalities and political subdivisions 5,305 (464) 5,066 (535) 4,883 (491) Asset-backed: RMBS 3,879 (354) 3,698 (335) 3,693 (316) CMBS 1,476 (66) 1,443 (66) 1,467 (61) Other ABS 2,931 (88) 2,967 (87) 2,992 (62) Total asset-backed 8,286 (508) 8,108 (488) 8,152 (439) U.S. Treasury and obligations of government-sponsored enterprises 230 (3) 233 (2) 225 (2) Foreign government 668 (5) 703 (11) 704 (6) Redeemable preferred stock 8 — 8 — 8 — Total fixed maturity securities 28,831 (1,243) 28,295 (1,352) 28,216 (1,081) Equities: Common stock 249 — 247 — 237 — Non-redeemable preferred stock 225 — 213 — 205 — Total equities 474 — 460 — 442 — Limited partnership investments: Hedge funds 338 — 278 — 298 — Private equity funds 2,239 — 2,227 — 2,162 — Total limited partnership investments 2,577 — 2,505 — 2,460 — Other invested assets 119 — 110 — 105 — Mortgage loans 861 — 878 — 907 — Short-term investments 1,695 — 1,473 — 2,252 — Total investments $ 34,557 $ (1,243) $ 33,721 $ (1,352) $ 34,382 $ (1,081) Net receivable/(payable) on investment activity $ (60) $ (97) $ 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 June 30, 2026 March 31, 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 $ 10,923 $ (188) $ 10,824 $ (276) $ 11,013 $ (56) States, municipalities and political subdivisions: Tax-exempt 2,206 132 2,168 89 2,185 131 Taxable 1,324 (90) 1,338 (92) 1,363 (79) Total states, municipalities and political subdivisions 3,530 42 3,506 (3) 3,548 52 Asset-backed: RMBS 2 — 2 — 2 — CMBS 16 (1) 16 (2) 16 (1) Other ABS 530 (115) 532 (113) 551 (104) Total asset-backed 548 (116) 550 (115) 569 (105) U.S. Treasury and obligations of government-sponsored enterprises 9 — 9 — 9 — Foreign government 41 (8) 46 (9) 47 (7) Redeemable preferred stock — — — — — — Total fixed maturity securities 15,051 (270) 14,935 (403) 15,186 (116) Equities: Common stock — — — — — — Non-redeemable preferred stock 319 — 325 — 327 — Total equities 319 — 325 — 327 — Limited partnership investments: Hedge funds 43 — 36 — 38 — Private equity funds 284 — 282 — 274 — Total limited partnership investments 327 — 318 — 312 — Other invested assets — — — — — — Mortgage loans 176 — 177 — 172 — Short-term investments 26 — 26 — 68 — Total investments $ 15,899 $ (270) $ 15,781 $ (403) $ 16,065 $ (116) Net receivable/(payable) on investment activity $ 9 $ (15) $ 3 Effective duration (in years) 10.0 9.5 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 June 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 $ — $ — $ 6 $ 1 $ 1,212 $ (26) $ 8,196 $ (126) $ 14,312 $ (274) $ 1,531 $ (26) $ 25,257 $ (451) States, municipalities and political subdivisions — — 2,278 (23) 5,180 (299) 1,132 (54) 227 (40) 18 (6) 8,835 (422) Asset-backed: RMBS 3,084 (257) 642 (98) 5 — — — 143 (1) 7 2 3,881 (354) CMBS — — 507 (6) 618 (28) 262 (12) 82 (6) 23 (15) 1,492 (67) Other ABS — — 451 (18) 318 (80) 1,457 (44) 1,056 (36) 179 (25) 3,461 (203) Total asset-backed 3,084 (257) 1,600 (122) 941 (108) 1,719 (56) 1,281 (43) 209 (38) 8,834 (624) U.S. Treasury and obligations of government-sponsored enterprises 239 (3) — — — — — — — — — — 239 (3) Foreign government — — 182 — 351 (1) 86 (7) 90 (5) — — 709 (13) Redeemable preferred stock — — — — — — — — 8 — — — 8 — Total fixed maturity securities $ 3,323 $ (260) $ 4,066 $ (144) $ 7,684 $ (434) $ 11,133 $ (243) $ 15,918 $ (362) $ 1,758 $ (70) $ 43,882 $ (1,513) Percentage of total fixed maturity securities 8 % 9 % 18 % 25 % 36 % 4 % 100 % 13

 
Components of Net Investment Income Consolidated Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Taxable fixed income securities $ 507 $ 508 $ 1,007 $ 1,004 Tax-exempt fixed income securities 55 36 107 70 Total fixed income securities 562 544 1,114 1,074 Common stock 32 19 19 17 Limited partnerships - hedge funds 73 24 69 32 Limited partnerships - private equity funds 26 57 85 105 Total limited partnership and common stock investments 131 100 173 154 Other, net of investment expense 8 18 24 38 Net investment income $ 701 $ 662 $ 1,311 $ 1,266 Effective income yield for fixed income securities portfolio 4.9 % 4.9 % 4.9 % 4.8 % Limited partnership and common stock return for the period 4.3 3.6 5.7 5.7 Property & Casualty and Corporate & Other Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Taxable fixed income securities $ 309 $ 310 $ 612 $ 614 Tax-exempt fixed income securities 29 10 55 19 Total fixed income securities 338 320 667 633 Common stock 32 19 19 17 Limited partnerships - hedge funds 65 22 62 28 Limited partnerships - private equity funds 23 43 75 80 Total limited partnership and common stock investments 120 84 156 125 Other, net of investment expense 13 23 34 47 Net investment income $ 471 $ 427 $ 857 $ 805 Effective income yield for fixed income securities portfolio 4.5 % 4.4 % 4.5 % 4.4 % Life & Group Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Taxable fixed income securities $ 198 $ 198 $ 395 $ 390 Tax-exempt fixed income securities 26 26 52 51 Total fixed income securities 224 224 447 441 Common stock — — — — Limited partnerships - hedge funds 8 2 7 4 Limited partnerships - private equity funds 3 14 10 25 Total limited partnership and common stock investments 11 16 17 29 Other, net of investment expense (5) (5) (10) (9) Net investment income $ 230 $ 235 $ 454 $ 461 Effective income yield for fixed income securities portfolio 5.7 % 5.7 % 5.7 % 5.7 % 14

 
Net Investment Gains (Losses) Periods ended June 30 Consolidated Three Months Six Months (In millions) 2026 2025 2026 2025 Fixed maturity securities: Corporate and other bonds $ (3) $ (40) $ (10) $ (49) States, municipalities and political subdivisions — — (1) (1) Asset-backed (5) (8) (11) (7) Total fixed maturity securities (8) (48) (22) (57) Non-redeemable preferred stock 3 6 (1) 6 Derivatives, short-term and other — 1 — 1 Mortgage loans — (5) — (5) Net investment gains (losses) (5) (46) (23) (55) Income tax benefit (expense) on net investment gains (losses) 2 10 6 12 Net investment gains (losses), after tax $ (3) $ (36) $ (17) $ (43) 15

 
Claim & Claim Adjustment Expense Reserve Rollforward Three months ended June 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 $ 7,785 $ 12,668 $ 3,396 $ 23,849 $ 578 $ 2,506 $ 26,933 Ceded 1,507 1,683 553 3,743 55 2,170 5,968 Net 6,278 10,985 2,843 20,106 523 336 20,965 Net incurred claim & claim adjustment expenses 550 1,003 208 1,761 8 101 1,870 Net claim & claim adjustment expense payments (420) (786) (139) (1,345) (10) (12) (1,367) Foreign currency translation adjustment and other — 1 (21) (20) — — (20) Claim & claim adjustment expense reserves, end of period Net 6,408 11,203 2,891 20,502 521 425 21,448 Ceded 1,605 1,689 605 3,899 54 2,089 6,042 Gross $ 8,013 $ 12,892 $ 3,496 $ 24,401 $ 575 $ 2,514 $ 27,490 Six months ended June 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 1,131 2,079 412 3,622 17 106 3,745 Net claim & claim adjustment expense payments (911) (1,572) (301) (2,784) (22) (38) (2,844) Foreign currency translation adjustment and other — — (61) (61) (9) — (70) Claim & claim adjustment expense reserves, end of period Net 6,408 11,203 2,891 20,502 521 425 21,448 Ceded 1,605 1,689 605 3,899 54 2,089 6,042 Gross $ 8,013 $ 12,892 $ 3,496 $ 24,401 $ 575 $ 2,514 $ 27,490 16

 
Life & Group Policyholder Reserves Three months ended June 30, 2026 (In millions) Claim and claim adjustment expenses Future policy benefits Total Beginning of Period $ 523 $ 13,195 $ 13,718 Incurred claims and policyholders' benefits (1) 8 310 318 Benefit and expense payments (10) (288) (298) Change in discount rate assumptions and other (AOCI) — 45 45 End of Period $ 521 $ 13,262 $ 13,783 Six months ended June 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) 17 613 630 Benefit and expense payments (22) (573) (595) Change in discount rate assumptions and other (AOCI) (9) (226) (235) End of Period $ 521 $ 13,262 $ 13,783 (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

 
EX-99.3 4 q22026earningspresentati.htm EX-99.3 q22026earningspresentati
CNA Financial Corporation Second Quarter 2026 Results August 3, 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

 
Second Quarter Overview • Net income of $321 million versus $299 million in the prior year quarter; core income of $324 million versus $335 million in the prior year quarter. • P&C core income of $426 million versus $448 million, reflects lower underlying underwriting results partially offset by higher net investment income. • Life & Group core loss of $10 million versus core income of $1 million in the prior year quarter. • Corporate & Other core loss of $92 million versus $114 million in the prior year quarter. The current quarter includes a $77 million after-tax charge related to unfavorable prior period development associated with legacy mass tort compared with an $88 million after-tax charge in the prior year quarter. • Net investment income of $701 million, reflects a $31 million increase from limited partnerships and common stock to $131 million and an $8 million increase from fixed income securities and other investments to $570 million. • P&C combined ratio of 96.5%, compared with 94.1% in the prior year quarter, including 2.3 points of catastrophe loss impact compared with 2.4 points in the prior year quarter. There was no net prior period development impact in the current or prior year quarters. • Catastrophe losses of $60 million pretax versus $62 million in the prior year quarter. • P&C underlying combined ratio was 94.2%, compared with 91.7% in the prior year quarter. P&C underlying loss ratio was 64.1%, consistent with the first quarter of 2026, and the expense ratio was 29.7%. • P&C segments generated net written premium growth of 4% in the quarter. P&C renewal premium change of +2%. • Book value per share of $41.34; book value per share excluding AOCI of $45.83, a 4% increase from year-end 2025 adjusting for $2.96 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) Second Quarter Year to Date 2026 2025 Change 2026 2025 Change Revenues $3,829 $3,717 3 % $7,506 $7,344 2 % Core income 324 335 (3) % 549 616 (11) % Net income 321 299 7 % 532 573 (7) % Diluted earnings per common share: Core income $1.19 $1.23 (3) % $2.02 $2.26 (11) % Net income 1.18 1.10 7 % 1.95 2.10 (7) % Core ROE 10.5 % 11.0 % (0.5) pts 8.8 % 10.0 % (1.2) pts Earnings reflect disciplined growth, excellent investment income and high-quality underwriting results

 
Underwriting results continue to reflect prudence in loss picks, with catastrophe losses and expense ratio in line with prior Property & Casualty Operations 5 (In millions, except ratios) Second Quarter Year to Date 2026 2025 2026 2025 Net written premiums $2,965 $2,846 $5,587 $5,452 NWP change (% year over year) 4 % 2 % Net earned premiums $2,656 $2,588 $5,254 $5,108 NEP change (% year over year) 3 % 3 % Underwriting gain $92 $150 $33 $190 Loss ratio 66.4 % 63.9 % 69.0 % 65.8 % Less: Effect of catastrophe impacts 2.3 % 2.4 % 2.9 % 3.1 % Less: Effect of unfavorable development-related items — % — % 2.0 % 1.2 % Underlying loss ratio 64.1 % 61.5 % 64.1 % 61.5 % Expense ratio 29.7 % 29.8 % 30.0 % 30.1 % Combined ratio 96.5 % 94.1 % 99.4 % 96.3 % Underlying combined ratio 94.2 % 91.7 % 94.5 % 92.0 %

 
Property & Casualty Production Metrics Continued disciplined and differentiated execution across the portfolio, with 11% new business growth 6 Property & Casualty Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 6% 5% 4% 4% 3% 2% 86% 83% 81% 84% 83% 83% Retention Renewal Premium Change Rate GWP ex. warranty captives ($M) $3,214 $3,518 $2,941 $3,309 $3,219 $3,656 New Business ($M) $565 $645 $549 $589 $581 $718 Specialty Rate 3% 3% 3% 3% 3% 4% Retention 89% 86% 86% 85% 86% 85% Commercial Rate 6% 5% 5% 3% 2% —% Retention 84% 81% 79% 82% 81% 81% International Rate (2)% (4)% (6)% (5)% (4)% (5)% Retention 85% 86% 83% 88% 85% 87% 4% 3% 3% 2% 2% —%

 
NWP growth of 5%, with results reflecting higher loss picks for various lines Specialty 7 (In millions, except ratios) Second Quarter Year to Date 2026 2025 2026 2025 Net written premiums $937 $892 $1,771 $1,734 NWP change (% year over year) 5 % 2 % Net earned premiums $878 $862 $1,730 $1,692 NEP change (% year over year) 2 % 2 % Underwriting gain $32 $53 $8 $95 Loss ratio 62.8 % 60.1 % 65.7 % 60.7 % Less: Effect of catastrophe impacts — % — % — % — % Less: Effect of unfavorable development-related items — % — % 2.9 % 0.6 % Underlying loss ratio 62.8 % 60.1 % 62.8 % 60.1 % Expense ratio 33.3 % 33.2 % 33.4 % 33.3 % Combined ratio 96.5 % 93.6 % 99.5 % 94.3 % Underlying combined ratio 96.5 % 93.6 % 96.6 % 93.7 %

 
Specialty Production Metrics Excellent new business growth and rate of +4% 8 Specialty Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 4% 4% 4% 4% 5% 4% 89% 86% 86% 85% 86% 85%Retention Renewal Premium Change Rate GWP ex. warranty captives ($M) $989 $1,016 $1,051 $1,074 $994 $1,071 New Business ($M) $112 $122 $131 $122 $127 $175 FI & Mgmt Liability Rate (1)% 1% (1)% —% 1% 1% Retention 89% 84% 86% 84% 88% 88% Affinity Professional E&O Rate 2% 3% 2% 3% 3% 3% Retention 93% 92% 88% 89% 86% 84% Medical Malpractice Rate 7% 8% 9% 8% 8% 9% Retention 85% 85% 83% 82% 82% 80% Surety Net Written Premiums $204 $182 $193 $164 $185 $198 Warranty & Alt. Risks Revenues $445 $446 $439 $434 $417 $406 3%3% 3% 3% 3% 4%

 
Commercial 9 (In millions, except ratios) Second Quarter Year to Date 2026 2025 2026 2025 Net written premiums $1,643 $1,563 $3,123 $3,061 NWP change (% year over year) 5 % 2 % Net earned premiums $1,441 $1,402 $2,853 $2,782 NEP change (% year over year) 3 % 3 % Underwriting gain $50 $74 $1 $57 Loss ratio 69.5 % 67.1 % 72.8 % 70.0 % Less: Effect of catastrophe impacts 3.7 % 4.2 % 5.1 % 5.2 % Less: Effect of unfavorable development-related items — % — % 1.9 % 1.9 % Underlying loss ratio 65.8 % 62.9 % 65.8 % 62.9 % Expense ratio 26.6 % 27.2 % 26.6 % 27.4 % Combined ratio 96.5 % 94.8 % 99.9 % 97.9 % Underlying combined ratio 92.8 % 90.6 % 92.9 % 90.8 % NWP growth of 5%, with results reflecting higher loss picks predominantly in longer-tail lines, partially offset by an improved expense ratio

 
Commercial Production Metrics 10 Commercial Rate & Retention 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 7% 6% 6% 5% 3% 2% 84% 81% 79% 82% 81% 81%Retention Renewal Premium Change Rate Gross Written Premiums ($M) $1,853 $2,065 $1,569 $1,846 $1,828 $2,140 New Business ($M) $370 $420 $324 $377 $369 $446 Middle Market Rate 4% 4% 3% 1% 1% 1% Retention 84% 81% 79% 85% 84% 82% Construction Rate 9% 10% 8% 8% 8% 7% Retention 82% 81% 73% 79% 79% 79% National Accounts Rate 5% —% 2% 1% (4)% (8)% Retention 88% 83% 86% 84% 81% 83% Small Business Rate 5% 4% 5% 6% 5% 4% Retention 82% 80% 76% 75% 76% 79% Marine / Other Net Written Premiums $111 $115 $112 $124 $116 $145 New business growth of 6% and sustained strong rate increase in classes most impacted by social inflation, while competitive market persists in property and workers' compensation 6% —%5% 5% 3% 2%

 
International Continued profitability in a highly competitive marketplace 11 (In millions, except ratios) Second Quarter Year to Date 2026 2025 2026 2025 Net written premiums $385 $391 $693 $657 NWP change (% year over year)1 (2) % 5 % Net earned premiums $337 $324 $671 $634 NEP change (% year over year) 4 % 6 % Underwriting gain $10 $23 $24 $38 Loss ratio 62.0 % 59.9 % 61.5 % 61.0 % Less: Effect of catastrophe impacts 2.2 % 1.4 % 1.7 % 2.5 % Less: Effect of (favorable) unfavorable development-related items — % — % — % — % Underlying loss ratio 59.8 % 58.5 % 59.8 % 58.5 % Expense ratio 34.9 % 32.9 % 34.9 % 33.0 % Combined ratio 96.9 % 92.8 % 96.4 % 94.0 % Combined ratio excl. catastrophes and development 94.7 % 91.4 % 94.7 % 91.5 % 1 Excluding currency fluctuations, NWP declined 3% for the second quarter and grew 1% year to date.

 
Results are in line with expectations Life & Group 12 (In millions) Second Quarter Year to Date 2026 2025 2026 2025 Net earned premiums $103 $106 $206 $212 Total claims, benefits and expenses 350 345 694 675 Net investment income 230 235 454 461 Core (loss) before income tax (18) (4) (35) (2) Income tax benefit 8 5 16 9 Core (loss) income ($10) $1 ($19) $7

 
Pretax Net Investment Income Strong contributions from fixed income, limited partnerships and common stock 662 638 653 610 701 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Total CNAF Limited Partnership & Common Stock Highlights Fixed Income Securities 544 550 553 552 562 4.9% 4.8% 4.9% 4.9% 4.9% Fixed Income Effective Yield (Pretax) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 100 71 77 42 131 3.6% 2.5% 2.7% 1.4% 4.3% Limited Partnership & Common Stock Return (Pretax) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $M $M $M 13 • Net investment income from fixed income is up 3% year-over-year • Fixed income benefited from a larger invested asset base and the continued impact of favorable reinvestment rates • Hedge funds and common stock generated strong returns in the quarter, reflecting broader equity market performance; private equity funds remained a positive contributor

 
Investment Portfolio 141 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” • Life & Group fixed income duration lengthened to 10 years from 9.5 years at Q1 2026 which reflects repositioning to capitalize on higher rates and reduce investment risk • Net unrealized loss increased from year-end driven by higher risk-free rates 6% 4% 3% 2% 2% 1% LPs & Common Stock Short Term & Other CMBS Mortgage Loans Other Fixed Income Preferred Stock Corporate & Other 50% Municipals 17% Other ABS 7% RMBS 8% Portfolio Composition Highlights Fixed Maturities by Rating AA 18% A 25% BBB 36% AAA 1 17% Non-IG 4% Effective Portfolio Duration Life & Group 10.0 yrs P&C and Corporate & Other 4.6 yrs Total 6.4 yrs

 
Capital • Financial strength and credit ratings from AM Best were upgraded in Dec. 2025 and outlook was revised to stable; ratings from S&P and Fitch have been affirmed with stable outlooks in the past nine months; 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 4% 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) Jun 30, 2026 Dec 31, 2025 Debt $2,973 $2,971 Stockholders' equity 11,186 11,621 Total capital $14,159 $14,592 AOCI (1,216) (1,098) Capital ex AOCI $ 15,375 $ 15,690 BVPS ex AOCI $45.83 $46.99 Dividends per share (YTD) $2.96 $3.84 Debt-to-capital 21.0 % 20.4 % Debt-to-capital ex AOCI 19.3 % 18.9 % Statutory surplus 11,194 $11,578 Holding company liquidity 1 $919 $1,048 15 1 Includes $250 million available under credit facility

 
APPENDIX 16

 
Results for the Three Months Ended June 30 Results for the Six Months Ended June 30 2026 2025 2026 2025 Net income $321 $299 $532 $573 Less: Net investment losses (3) (36) (17) (43) Core income $324 $335 $549 $616 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 June 30 Results for the Six Months Ended June 30 2026 2025 2026 2025 Net income per diluted share $1.18 $1.10 $1.95 $2.10 Less: Net investment losses (0.01) (0.13) (0.07) (0.16) Core income per diluted share $1.19 $1.23 $2.02 $2.26 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. 17 Reconciliation of Net Income (Loss) to Core Income (Loss) Reconciliation of GAAP Measures to Non-GAAP Measures

 
18 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 June 30, 2026 (In millions) Specialty Commercial International Property & Casualty Net income $ 157 $ 233 $ 36 $ 426 Net investment (gains) losses, after tax — (1) 1 — Core income $ 157 $ 232 $ 37 $ 426 Less: Net investment income 171 246 44 461 Non-insurance warranty revenue (expense) 11 — — 11 Other revenue (expense), including interest expense (15) (3) — (18) Income tax expense on core income (42) (61) (17) (120) Underwriting gain 32 50 10 92 Catastrophe-related reinstatement premiums — — — — Catastrophe losses — 53 7 60 Effect of unfavorable development-related items — 1 — 1 Underlying underwriting gain $ 32 $ 104 $ 17 $ 153 Reconciliation of Net Income to Underwriting Gain (Loss) and Underlying Underwriting Gain (Loss) Reconciliation of GAAP Measures to Non-GAAP Measures

 
19 Results for the Three Months Ended June 30, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 165 $ 199 $ 53 $ 417 Net investment losses, after tax 12 19 — 31 Core income $ 177 $ 218 $ 53 $ 448 Less: Net investment income 170 206 38 414 Non-insurance warranty revenue (expense) 14 — — 14 Other revenue (expense), including interest expense (11) (5) 10 (6) Income tax expense on core income (49) (57) (18) (124) Underwriting gain 53 74 23 150 Catastrophe-related reinstatement premiums — — — — Catastrophe losses — 57 5 62 Effect of unfavorable development-related items — 1 — 1 Underlying underwriting gain $ 53 $ 132 $ 28 $ 213 Reconciliation of GAAP Measures to Non-GAAP Measures

 
20 Results for the Six Months Ended June 30, 2026 (In millions) Specialty Commercial International Property & Casualty Net income $ 252 $ 338 $ 72 $ 662 Net investment losses, after tax 4 6 2 12 Core income $ 256 $ 344 $ 74 $ 674 Less: Net investment income 313 436 87 836 Non-insurance warranty revenue (expense) 29 — — 29 Other revenue (expense), including interest expense (26) (5) (2) (33) Income tax expense on core income (68) (88) (35) (191) Underwriting gain 8 1 24 33 Catastrophe-related reinstatement premiums — 9 — 9 Catastrophe losses — 137 11 148 Effect of unfavorable development-related items 50 57 — 107 Underlying underwriting gain $ 58 $ 204 $ 35 $ 297 Reconciliation of GAAP Measures to Non-GAAP Measures

 
21 Results for the Six Months Ended June 30, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 314 $ 323 $ 91 $ 728 Net investment losses (gains), after tax 13 19 (1) 31 Core income $ 327 $ 342 $ 90 $ 759 Less: Net investment income 321 383 72 776 Non-insurance warranty revenue (expense) 26 — — 26 Other revenue (expense), including interest expense (25) (7) 11 (21) Income tax expense on core income (90) (91) (31) (212) Underwriting gain 95 57 38 190 Catastrophe-related reinstatement premiums — — — — Catastrophe losses — 143 16 159 Effect of unfavorable development-related items 10 53 — 63 Underlying underwriting gain $ 105 $ 253 $ 54 $ 412 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) income for our Life & Group segment: Results for the Three Months Ended June 30 Results for the Six Months Ended June 30 (In millions) 2026 2025 2026 2025 Net loss $ (12) $ (4) $ (23) $ (5) Net investment losses, after tax 2 5 4 12 Core (loss) income $ (10) $ 1 $ (19) $ 7 The following table presents a reconciliation of net loss to core loss for our Corporate & Other segment: Results for the Three Months Ended June 30 Results for the Six Months Ended June 30 (In millions) 2026 2025 2026 2025 Net loss $ (93) $ (114) $ (107) $ (150) Net investment losses, after tax 1 — 1 — Core loss $ (92) $ (114) $ (106) $ (150) 22

 
June 30, 2026 December 31, 2025 Book value per share $41.34 $42.93 Less: Per share impact of AOCI (4.49) (4.06) Book value per share excluding AOCI $45.83 $46.99 Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attributable to the Company's business operations. The Company believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Calculation of Return on Equity and Core Return on Equity Results for the Three Months Ended June 30 Results for the Six Months Ended June 30 ($ millions) 2026 2025 2026 2025 Annualized net income $1,282 $1,195 $1,063 $1,145 Average stockholders' equity including AOCI (a) 11,021 10,470 11,403 10,587 Return on equity 11.6 % 11.4 % 9.3 % 10.8 % Annualized core income $1,297 $1,340 $1,099 $1,233 Average stockholders' equity excluding AOCI (a) 12,304 12,156 12,560 12,375 Core return on equity 10.5 % 11.0 % 8.8 % 10.0 % 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. 23 Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI Reconciliation of GAAP Measures to Non-GAAP Measures

 
EX-99.4 5 q22026ex994earningsremarks.htm EX-99.4 Document


CNA Financial Second Quarter 2026 Earnings Remarks
Douglas M. Worman, Chairman and Chief Executive Officer:
We had a strong second quarter, achieving disciplined growth, excellent investment income and high-quality underwriting results underpinned by prudent loss ratio selections, further reinforcing the resilience of our balance sheet. Net written premium was up 4%, with new business growing by 11% as we continue to be deliberate about how and where we grow. We maintained the underlying loss ratio we established last quarter, and our expense ratio was below 30% even as we continue to invest in talent, technology and artificial intelligence (AI).
Core income was $324 million in the second quarter, with net investment income of $701 million up 6% compared to the prior year quarter. Core income was impacted by unfavorable development of $77 million after-tax in the Corporate segment largely associated with legacy mass tort abuse claim activity and the ongoing effects of social inflation.
The P&C all-in combined ratio was 96.5% in the quarter, including 2.3 points, or $60 million, of catastrophe impacts, which was consistent with the prior year quarter. Catastrophes were primarily driven by severe convective storm activity. There was no prior period development impact in the quarter. The P&C underlying combined ratio was 94.2% compared to 91.7% in the prior year quarter. The expense ratio was 29.7%, consistent with the prior year quarter. The P&C underlying loss ratio was 64.1%, consistent with the first quarter, and up 2.6 points compared to the prior year quarter. Long run cost trend assumptions were unchanged in the quarter, supporting our belief that it is appropriate to maintain the higher degree of conservatism that underlies our loss picks and assumptions. Our targeted strategic underwriting actions in specific areas have shown positive early signals. However, as casualty classes take time to mature, we intend to remain disciplined in our assumptions and recognize beneficial impacts only once they become more evident.
Net written premium growth was 4% in the aggregate compared to the prior year quarter and record new business of $718 million was up 11%. P&C renewal premium change was slightly above 2% and rate change was flat. The results reflect substantial variation by class, with larger rate decreases in areas like national accounts property and international more than offsetting substantial rate increases in social inflation-impacted casualty lines and higher rate in the Specialty segment. We still see tremendous opportunity in various areas across our portfolio where we can write accounts for the right price, terms and conditions, and mix of portfolio to achieve appropriate risk-adjusted returns. However, as we have done historically, there are also areas where we have pulled back and will remain cautious due to the competitive environment. As an example, new business was down 50% in our national accounts property book as we walked away when we could not write accounts for appropriate price, terms and conditions. As rates soften in many classes, we will continue to readjust our strategies and will not compromise our underwriting discipline for growth.
Turning to each of the three P&C operating segments, in Commercial, the all-in combined ratio was 96.5% compared to 94.8% in the prior year quarter. Catastrophe impacts were $53 million, or 3.7 points on the combined ratio. There was no prior period development impact. The underlying combined ratio was 92.8% compared to 90.6% in the prior year quarter. The underlying loss ratio was 65.8%, consistent with the first quarter, and up 2.9 points compared to the prior year quarter, as we maintain the philosophy discussed in the first quarter. The expense ratio improved by 0.6 points to 26.6% and is now below 27% for the fourth consecutive quarter.
In Commercial, net written premium grew 5% and new business growth was 6%. Retention in the quarter was 81% with significant variation by business unit and class, similar to last quarter. As an example, retention in commercial auto was 79%, the fifth consecutive quarter below 80%. On a year to date basis, commercial auto is a lower proportion of our Commercial gross written premium writings despite double digit rate increases as we continue to optimize that portfolio. Net written premium also declined significantly in national accounts property, where we see a substantial amount of undisciplined market behavior and we remain selective about which accounts to pursue. On the other hand, we are seeing
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attractive opportunities in areas such as data centers, where we achieved significant new business growth. Importantly, while we see this as a strong opportunity, we are also actively managing terms and conditions as well as aggregations of exposure to these hyperscale projects.
Commercial segment rate change was flat in the quarter from continued rate decrease in national accounts property, which was a couple points more negative than last quarter, as well as continued low single digit negative rate change in workers’ compensation. Excluding workers’ compensation and national accounts property, rate was up 6% and renewal price change was up 8%. Rate in casualty classes most impacted by social inflation remains strong.
For Specialty, the all-in and underlying combined ratio was 96.5% compared to 93.6% 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 quarter, and up 2.7 points compared to the prior year quarter for the reasons we discussed last quarter. The expense ratio was in line with the prior year quarter.
In Specialty, net written premium grew 5% in the quarter. Surety net written premium grew 7%, reversing the decline in premium seen last quarter; it is not unusual to see some quarterly fluctuation in surety premium growth, which is influenced by the timing of project starts. Rate increased in the quarter by 4% on a written basis, up a point from the prior quarter. Rate improved by a point to 9% in our healthcare business and remained steady in affinity business and financial and management liability lines at 3% and 1% respectively. Retention was 85%, fairly consistent with recent quarters.
For Specialty overall, new business grew 43% to $175 million in the quarter. Importantly, the market continues to be highly nuanced at a granular level – in certain pockets within healthcare and financial lines, we have leaned in where market conditions have become more attractive and we can achieve the price and terms and conditions for an appropriate risk adjusted return. We significantly capitalized on opportunities in those areas in the quarter. In other areas within those portfolios, we continue to take a much more cautious approach because there are fewer opportunities where price and terms and conditions will support an appropriate risk adjusted return. These dynamics are all taking place at a granular level within the portfolio – and we will continue to leverage our specialized expertise in each of the areas to write opportunities that are accretive to the portfolio and walk away when they are not.
For International, the all-in combined ratio was 96.9% with 2.2 points of catastrophe losses. The underlying combined ratio was 94.7%, similar to the first quarter. The underlying loss ratio of 59.8% and expense ratio of 34.9% were each consistent with the first quarter.
International net written premium declined 2% in the quarter, or 3% excluding currency fluctuation. New business declined 6% in the quarter and retention was 87%. Rates were down 5% in the quarter and renewal price change was down 2%. The environment continues to be highly competitive. Despite the competitive environment and some of the volatility it can cause, there are still strong opportunities in our international business. It remains an important contributor to our overall operation and we continue to see tremendous potential there going forward.
Similar to the treaties that renewed in the first quarter, we had successful renewals of our property reinsurance treaties in the second quarter, which were all oversubscribed. We achieved favorable terms and conditions, and pricing consistent with our experience leading to a reinsurance program that enables us to manage our portfolio to an appropriate return. Overall, we are pleased with our June 1st renewals where the economics continue to be accretive to us as an organization.
Scott R. Lindquist, Chief Financial Officer:
CNA's second quarter core income was $324 million compared to $335 million in the prior year quarter, resulting in a second quarter core return on equity of 10.5%. The decrease in core income primarily reflects the continued impact of the increase in the current accident year loss ratio from actions taken in the prior quarter partially offset by higher net investment income.
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Our P&C expense ratio for the second quarter was 29.7%, essentially flat with the prior year quarter, reflecting continued operating discipline across the organization, even as we continue to invest in talent, technology and AI capabilities. While there is always a degree of quarter-to-quarter variability in this ratio, we continue to believe an expense ratio around 30% represents a reasonable run-rate for the full year 2026.
The P&C net prior period development impact on the combined ratio was flat in the current and prior year quarters. Development in the quarter included unfavorable development in professional liability, excess casualty and general liability that was offset by favorable development in workers' compensation, property and surety lines.
The P&C paid-to-incurred ratio remained stable at 76% in the quarter, which is about flat with the first quarter of 2026, and 6 points lower than the full year 2025 at 82%. Paid losses can vary from quarter to quarter based on claim settlement activity and other factors; however, we continue to see paid loss trends generally consistent with our expectations and reflective of portfolio growth over time.
The Life & Group segment produced a core loss of $10 million for the quarter compared with core income of $1 million in the prior year quarter. The decrease reflects slightly lower net investment income. Net policy benefits and expenses were generally in line with expectations. We also note that, consistent with historical practice, we perform our annual assumption updates for our Life & Group segment during the third quarter.
The Corporate segment produced a core loss of $92 million compared with $114 million in the prior year quarter. As a reminder, we conduct a comprehensive review of mass tort reserves in the second quarter of each year. As a result of this quarter’s comprehensive review, the Corporate segment results include a $77 million after-tax charge related to unfavorable prior period development largely associated with legacy mass tort abuse claim activity and the ongoing effects of social inflation, compared with an $88 million after-tax charge in the prior year quarter. The current quarter also includes an increase of $13 million after-tax associated with the amortization of the deferred gain related to the asbestos & environmental pollution (A&EP) Loss Portfolio Transfer (LPT). We also note that, consistent with historical practice, we intend to review our asbestos & environmental reserves within the Corporate segment in the fourth quarter.
Net investment income was $701 million in the second quarter compared with $662 million in the prior year quarter, an increase of 6%. The increase was primarily driven by higher returns in our limited partnership and common stock portfolios.
Fixed income and other investments generated $570 million of income, up modestly compared with the prior year quarter. Our A-rated fixed income portfolio continues to provide consistent contributions to core income and continues to benefit from a growing asset base and favorable reinvestment rates. Reinvestment rates continue to be above our P&C portfolio effective income yield of 4.5% and are fairly in line with our Life & Group portfolio effective income yield of 5.7%. Other investment income was lower compared to the prior year quarter due to lower interest income on short-term investments and cash.
The effective duration of our fixed income portfolio stands at 6.4 years as of June 30th and reflects an increase in the duration of the Life & Group portfolio from 9.5 to 10.0 years. This increase reflects opportunistic actions to redeploy shorter duration holdings towards longer-dated higher quality securities, at yields exceeding our long-term reserving assumptions. As a result, the duration of our Life & Group fixed income portfolio approximates the duration of future policy benefit reserves at the end of the second quarter.
Looking ahead, based on the current interest rate environment, we expect income from fixed income and other investments to be about $575 million in the third quarter. For the full year, we expect income from fixed income and other investments to be about $2,300 million, or a 2% increase as compared to the full year 2025.
Our limited partnership and common stock portfolios returned a $131 million gain, or 4.3%, in the quarter compared with a $100 million gain, or 3.6%, in the prior year quarter. The higher return was driven by our hedge fund and common stock portfolios, whose strong returns were in line with the broader public equity
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market performance. While our private equity portfolio results were lower year over year, they remained a positive contributor to income for the quarter. As a reminder, private equity funds, which comprise the majority of our limited partnership portfolio, generally report on a quarter lag, so results this quarter were primarily reflective of performance from the first quarter of 2026.
At quarter-end, our balance sheet remained very strong. Stockholders' equity excluding accumulated other comprehensive income (AOCI) was $12.4 billion, or $45.83 per share. Including AOCI, stockholders' equity was $11.2 billion, or $41.34 per share. Statutory capital and surplus in the combined Continental Casual Companies remained strong at $11.2 billion and our debt-to-capital ratio excluding AOCI was 19.3%, reflecting the continued strength of our capital position.
Operating cash flow for the first half of the year was $1,042 million compared with $1,200 million in the prior year six month period. Cash flows reflect higher paid losses for the year reflecting portfolio growth partially offset by strong premium collections.
The effective tax rate on core income for the quarter was 20.9%, consistent with our expectations for the full year.
Finally, we are pleased to announce our regular quarterly dividend of $0.48 per share payable September 3, 2026 to stockholders of record on August 17, 2026.
Douglas M. Worman, Chairman and Chief Executive Officer:
Overall, we produced $324 million of core income while maintaining our philosophy of prudent assumptions in our loss picks and recognizing a legacy mass tort related charge in our Corporate segment of $77 million after-tax. We achieved excellent investment results in both our fixed income and alternative investments portfolios. Our expense ratio is consistent with the prior year quarter and remains below 30% as we have continued to investment in talent, technology and AI. We have AI solutions deployed and embedded into the core workflows of our employees across the organization. The momentum, in both efficiency and effectiveness, we are gaining from our investments continues to grow. We are well positioned to capitalize on the market going forward with strong specialization in the areas where we do business.
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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 June 30 Results for the Six Months Ended June 30
($ millions) 2026 2025 2026 2025
Net income $ 321  $ 299  $ 532  $ 573 
Less: Net investment losses (3) (36) (17) (43)
Core income $ 324  $ 335  $ 549  $ 616 
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 June 30 Results for the Six Months Ended June 30
2026 2025 2026 2025
Net income per diluted share $ 1.18  $ 1.10  $ 1.95  $ 2.10 
Less: Net investment losses (0.01) (0.13) (0.07) (0.16)
Core income per diluted share $ 1.19  $ 1.23  $ 2.02  $ 2.26 

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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 June 30, 2026
Specialty Commercial International Property & Casualty
(In millions)
Net income $ 157  $ 233  $ 36  $ 426 
Net investment (gains) losses, after tax —  (1) 1  — 
Core income $ 157  $ 232  $ 37  $ 426 
Less:
Net investment income 171  246  44  461 
Non-insurance warranty revenue (expense) 11  —  —  11 
Other revenue (expense), including interest expense (15) (3) —  (18)
Income tax expense on core income (42) (61) (17) (120)
Underwriting gain 32  50  10  92 
Catastrophe-related reinstatement premiums —  —  —  — 
Catastrophe losses —  53  7  60 
Effect of unfavorable development-related items —  1  —  1 
Underlying underwriting gain $ 32  $ 104  $ 17  $ 153 
Results for the Three Months Ended June 30, 2025
Specialty Commercial International Property & Casualty
(In millions)
Net income $ 165  $ 199  $ 53  $ 417 
Net investment losses, after tax 12  19  —  31 
Core income $ 177  $ 218  $ 53  $ 448 
Less:
Net investment income 170  206  38  414 
Non-insurance warranty revenue (expense) 14  —  —  14 
Other revenue (expense), including interest expense (11) (5) 10  (6)
Income tax expense on core income (49) (57) (18) (124)
Underwriting gain 53  74  23  150 
Catastrophe-related reinstatement premiums —  —  —  — 
Catastrophe losses —  57  5  62 
Effect of unfavorable development-related items —  1  —  1 
Underlying underwriting gain $ 53  $ 132  $ 28  $ 213 
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Results for the Six Months Ended June 30, 2026
Specialty Commercial International Property & Casualty
(In millions)
Net income $ 252  $ 338  $ 72  $ 662 
Net investment losses, after tax 4  6  2  12 
Core income $ 256  $ 344  $ 74  $ 674 
Less:
Net investment income 313  436  87  836 
Non-insurance warranty revenue (expense) 29  —  —  29 
Other revenue (expense), including interest expense (26) (5) (2) (33)
Income tax expense on core income (68) (88) (35) (191)
Underwriting gain 8  1  24  33 
Catastrophe-related reinstatement premiums —  9  —  9 
Catastrophe losses —  137  11  148 
Effect of unfavorable development-related items 50  57  —  107 
Underlying underwriting gain $ 58  $ 204  $ 35  $ 297 
Results for the Six Months Ended June 30, 2025
Specialty Commercial International Property & Casualty
(In millions)
Net income $ 314  $ 323  $ 91  $ 728 
Net investment losses (gains), after tax 13  19  (1) 31 
Core income $ 327  $ 342  $ 90  $ 759 
Less:
Net investment income 321  383  72  776 
Non-insurance warranty revenue (expense) 26  —  —  26 
Other revenue (expense), including interest expense (25) (7) 11  (21)
Income tax expense on core income (90) (91) (31) (212)
Underwriting gain 95  57  38  190 
Catastrophe-related reinstatement premiums —  —  —  — 
Catastrophe losses —  143  16  159 
Effect of unfavorable development-related items 10  53  —  63 
Underlying underwriting gain $ 105  $ 253  $ 54  $ 412 

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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 June 30 Results for the Six Months Ended June 30
2026 2025 2026 2025
Loss ratio 62.8  % 60.1  % 65.7  % 60.7  %
Less: Effect of catastrophe impacts —  —  —  — 
Less: Effect of unfavorable development-related items —  —  2.9  0.6 
Underlying loss ratio 62.8  % 60.1  % 62.8  % 60.1  %
Expense ratio 33.3  % 33.2  % 33.4  % 33.3  %
Combined ratio 96.5  % 93.6  % 99.5  % 94.3  %
Underlying combined ratio 96.5  % 93.6  % 96.6  % 93.7  %
Commercial
Results for the Three Months Ended June 30 Results for the Six Months Ended June 30
2026 2025 2026 2025
Loss ratio 69.5  % 67.1  % 72.8  % 70.0  %
Less: Effect of catastrophe impacts 3.7  4.2  5.1  5.2 
Less: Effect of unfavorable development-related items —  —  1.9  1.9 
Underlying loss ratio 65.8  % 62.9  % 65.8  % 62.9  %
Expense ratio 26.6  % 27.2  % 26.6  % 27.4  %
Combined ratio 96.5  % 94.8  % 99.9  % 97.9  %
Underlying combined ratio 92.8  % 90.6  % 92.9  % 90.8  %
International
Results for the Three Months Ended June 30 Results for the Six Months Ended June 30
2026 2025 2026 2025
Loss ratio 62.0  % 59.9  % 61.5  % 61.0  %
Less: Effect of catastrophe impacts 2.2  1.4  1.7  2.5 
Less: Effect of (favorable) unfavorable development-related items —  —  —  — 
Underlying loss ratio 59.8  % 58.5  % 59.8  % 58.5  %
Expense ratio 34.9  % 32.9  % 34.9  % 33.0  %
Combined ratio 96.9  % 92.8  % 96.4  % 94.0  %
Underlying combined ratio 94.7  % 91.4  % 94.7  % 91.5  %

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Property & Casualty
Results for the Three Months Ended June 30 Results for the Six Months Ended June 30
2026 2025 2026 2025
Loss ratio 66.4  % 63.9  % 69.0  % 65.8  %
Less: Effect of catastrophe impacts 2.3  2.4  2.9  3.1 
Less: Effect of unfavorable development-related items —  —  2.0  1.2 
Underlying loss ratio 64.1  % 61.5  % 64.1  % 61.5  %
Expense ratio 29.7  % 29.8  % 30.0  % 30.1  %
Combined ratio 96.5  % 94.1  % 99.4  % 96.3  %
Underlying combined ratio 94.2  % 91.7  % 94.5  % 92.0  %
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.
June 30, 2026 December 31, 2025
Book value per share $ 41.34  $ 42.93 
Less: Per share impact of AOCI (4.49) (4.06)
Book value per share excluding AOCI $ 45.83  $ 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 June 30 Results for the Six Months Ended June 30
($ millions) 2026 2025 2026 2025
Annualized net income $ 1,282  $ 1,195  $ 1,063  $ 1,145 
Average stockholders' equity including AOCI (a)
11,021 10,470 11,403 10,587
Return on equity 11.6  % 11.4  % 9.3  % 10.8  %
Annualized core income $ 1,297  $ 1,340  $ 1,099  $ 1,233 
Average stockholders' equity excluding AOCI (a)
12,304 12,156 12,560 12,375
Core return on equity 10.5  % 11.0  % 8.8  % 10.0  %
(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
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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.
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