CNA Financial (CNA) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $3.821B vs. $3.817B; net income fell to $196M from $403M and core income to $203M from $409M, including a $137M after-tax LTC reserve charge.

• 9M revenue rose to $11.327B from $11.161B; net income declined to $728M from $976M and core income to $752M from $1.025B.

• P&C core income declined to $397M from $456M as underlying underwriting weakened and catastrophe losses rose; Life & Group core loss widened to $171M from $22M.

Financial highlights

• Q3 net earned premiums increased to $2.831B from $2.783B; net investment income was $635M vs. $638M.

• Q3 fixed-income and other investment income rose to $587M from $567M; limited partnership and common stock income fell to $48M from $71M.

• 9M net earned premiums were $8.291B vs. $8.103B; net investment income rose to $1.946B from $1.904B.

• Q3 diluted EPS was $0.72 vs. $1.48; adjusted core diluted EPS was $0.75 vs. $1.50. 9M diluted EPS was $2.67 vs. $3.58.

• Total claims, benefits and expenses were $3.584B in Q3 vs. $3.304B; 9M expenses rose to $10.418B from $9.919B.

Outlook and guidance

• Fixed-income and other investment income is expected to be ~$600M in Q4 and over $2.3B for FY 2026; P&C expense ratio run-rate is expected to be ~30% for 2026.

• Underwriting remains selective through Q4 and into 2027, targeting attractive risk-adjusted returns and appropriate pricing, terms and conditions.

• LTC policy counts are expected to decline a further 40% over the next decade; active management targets an orderly runoff.

• Deferred warranty revenue expected to be recognized: $0.5B for the remainder of 2026, $1.0B in 2027, $0.8B in 2028 and $1.3B thereafter.