CNA Financial reported third-quarter core income of $203m, or $0.75 a share, on 2 November, compared with $409m, or $1.50, a year earlier. Net income fell to $196m, or $0.72 a share, from $403m.
Most of the fall came from Life & Group, CNA's run-off long-term care business. The segment posted a core loss of $171m against $22m a year earlier, after the annual review of long-term care reserve assumptions cut after-tax core income by $137m. CNA says recent investment portfolio actions give an economic benefit that almost entirely offsets the charge, but GAAP accounting does not yet show it in earnings. Chairman and chief executive Douglas Worman said the review and the duration-extension trades confirm the company's belief that the risk from the run-off block is contained.
Property and casualty also weakened. Core income from the business fell to $397m from $456m. The combined ratio rose to 97.0% from 92.8%, and the underlying combined ratio rose to 94.2% from 91.3%. Pretax catastrophe losses were $78m, or 2.8 points, against $41m, or 1.5 points. Net written premiums grew 3%, renewal premium change was 3% and written rate was 2%.
Book value per share was $37.80 at 30 September, down from $42.93 at the end of 2025, or $46.11 excluding accumulated other comprehensive income. The board declared a quarterly dividend of $0.48 a share.
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CNA Financial Corporation ↗Company · 2 Nov 2026
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