CNA Financial Corp's Q1 Net Income Drops to $211M

By Chris Stiles • Monday, May 04 12:06 • Permanent Link

CNA Financial reported first-quarter 2026 net income of $211 million, or $0.78 per share, down from $274 million, or $1.00 per share, a year earlier. Core income fell to $225 million, or $0.83 per share, from $281 million, or $1.03 per share.

Property and casualty core income dropped to $248 million from $311 million. The unit’s combined ratio worsened to 102.2% from 98.4%, with underwriting loss swinging to $59 million from a $40 million gain. The underlying combined ratio rose to 94.5% from 92.1%.

Within P&C, specialty posted a $24 million underwriting loss versus a $42 million gain a year earlier, and its combined ratio climbed to 102.7% from 95.1%. Commercial reported a $49 million underwriting loss compared with a $17 million loss, with its combined ratio increasing to 103.5% from 101.1%. International generated a $14 million underwriting gain, little changed from $15 million, while its combined ratio edged up to 95.9% from 95.4%.

Net written premiums across P&C increased 1% to $2.622 billion from $2.606 billion. Net earned premiums rose 3% to $2.598 billion from $2.520 billion. Renewal premium change was 3%, and written rate change was 2%.

Net investment income increased to $610 million from $604 million. Fixed income securities and other investments contributed $568 million, up from $550 million, while limited partnership and common stock income fell to $42 million from $54 million.

Life & group moved to a core loss of $9 million from core income of $6 million. Corporate & other posted a core loss of $14 million, improving from a $36 million loss.

Book value per share was $40.13 at March 31, down from $42.93 at year-end 2025. Book value per share excluding AOCI was $45.12, down from $46.99, though the company said that figure rose 1% after adjusting for $2.48 of dividends per share paid. Stockholders’ equity fell 7% to $10.9 billion from year-end 2025. As a result of these announcements, the company's shares have moved -1.17% on the market, and are now trading at a price of $48.18. For more information, read the company's full 8-K submission here.

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