P&C core income of $248 million versus $311 million, reflects lower underlying underwriting results and unfavorable prior period development partially offset by higher net investment income.
Life & Group core loss of $9 million versus core income of $6 million in the prior year quarter.
Corporate & Other core loss of $14 million versus $36 million in the prior year quarter.
Net investment income of $610 million, reflects an $18 million increase from fixed income securities and other investments to $568 million and a $12 million decrease from limited partnerships and common stock to $42 million.
P&C combined ratio of 102.2%, compared with 98.4% in the prior year quarter, including a 3.6 point impact related to catastrophes compared with 3.8 points in the prior year quarter. The current year quarter also includes an unfavorable impact of 4.1 points from net prior period development driven by excess casualty and professional E&O lines in recent accident years, compared to 2.5 points in the prior year quarter.
Catastrophe impacts of $97 million pretax in both the current and prior year quarters.
P&C underlying combined ratio was 94.5%, compared with 92.1% in the prior year quarter. P&C underlying loss ratio was 64.1% and the expense ratio was 29.9%.
P&C segments generated net written premium growth of 1% in the quarter. P&C renewal premium change of +3%, with written rate of +2%.
Book value per share of $40.13; book value per share excluding AOCI of $45.12, a 1% increase from year-end 2025 adjusting for $2.48 of dividends per share paid.
Board of Directors declares regular quarterly cash dividend of $0.48 per share.
CHICAGO, May 4, 2026 /PRNewswire/ -- CNA Financial Corporation (NYSE:CNA) today announced first quarter 2026 net income of $211 million, or $0.78 per share, versus $274 million, or $1.00 per share, in the prior year quarter. Net investment losses for the quarter were $14 million compared to $7 million in the prior year quarter. Core income for the quarter was $225 million, or $0.83 per share, versus $281 million, or $1.03 per share, in the prior year quarter.
Our Property & Casualty segments delivered core income of $248 million for the first quarter of 2026, a decrease of $63 million compared to the prior year quarter reflecting lower underlying underwriting results and unfavorable prior period development partially offset by higher net investment income. P&C segments generated net written premium growth of 1%.
Our Life & Group segment produced a core loss of $9 million for the first quarter of 2026 versus core income of $6 million in the prior year quarter.
Our Corporate & Other segment reported a core loss of $14 million for the first quarter of 2026 versus $36 million in the prior year quarter.
CNA Financial declared a quarterly cash dividend of $0.48 per share, payable June 4, 2026 to stockholders of record on May 18, 2026.
Results for the Three Months
Ended March 31
($ millions, except per share data)
2026
2025
Net income
$ 211
$ 274
Core income (a)
225
281
Net income per diluted share
$ 0.78
$ 1.00
Core income per diluted share
0.83
1.03
March 31, 2026
December 31, 2025
Book value per share
$
40.13
$
42.93
Book value per share excluding AOCI
45.12
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.
"In the first quarter we achieved $225 million of core income buoyed by strong investment income and reinforcing our unwavering focus on underwriting discipline. The fundamentals of our business remain strong as we execute deliberate strategies to optimize our portfolio at a time when the industry is experiencing pressure on growth, rate and loss cost trends.
The P&C all-in combined ratio was 102.2% in the quarter and included 3.6 points of catastrophe impact and 4.1 points of prior period development. We took decisive action this quarter to add additional prudence to P&C reserves in recent accident years on excess casualty in Commercial and professional E&O in Specialty, which we view as fundamentally appropriate given the current environment. Our underlying loss ratio of 64.1% also reflects this additional level of prudence, and our underlying combined ratio was 94.5%.
Net written premiums grew 1% in the quarter, new business grew 3% to $581 million and retention was 83%. We grew certain pockets of our portfolio that offer accretive returns and held the line in other areas we felt the market is not supporting an acceptable level of return.
Rate increase was 2% while renewal premium change was up 3% reflecting significant differentiation by business unit and class. For example, we continue to achieve double-digit rate increase in social inflation impacted classes of business, while national accounts property was down double-digit due to the competitive environment in that space.
Looking ahead to the rest of the year, we will continue to operate with confidence and prioritize underwriting discipline. We remain committed to executing in the marketplace as we implement specialized underwriting strategies to achieve profitable growth while maintaining the strength of our balance sheet in the current environment," said Douglas M. Worman, Chairman & Chief Executive Officer of CNA Financial Corporation.
Property & Casualty Operations
Results for the Three MonthsEnded March 31
($ millions)
2026
2025
Net written premiums
$ 2,622
$ 2,606
NWP change (% year over year)
1
%
Net earned premiums
$ 2,598
$ 2,520
NEP change (% year over year)
3
%
Underwriting (loss) gain
$ (59)
$ 40
Net investment income
$ 375
$ 362
Core income
$ 248
$ 311
Loss ratio
71.8
%
67.8
%
Less: Effect of catastrophe impacts
3.6
3.8
Less: Effect of unfavorable development-related items
4.1
2.5
Underlying loss ratio
64.1
%
61.5
%
Expense ratio
29.9
%
30.2
%
Combined ratio
102.2
%
98.4
%
Underlying combined ratio
94.5
%
92.1
%
The underlying combined ratio increased 2.4 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 expense ratio improved 0.3 points compared with the prior year quarter.
The combined ratio increased 3.8 points as compared with the prior year quarter. Unfavorable net prior period development in the Specialty and Commercial segments increased the loss ratio by 4.1 points in the current quarter compared to 2.5 points in the prior year quarter. Catastrophe impacts were $97 million in the quarter, inclusive of $9 million of catastrophe-related reinsurance reinstatement premiums, compared with $97 million for the prior year quarter. The effect of catastrophe impacts on the loss ratio was 3.6 points in the quarter compared with 3.8 points for the prior year quarter.
Business Operating HighlightsSpecialty
Results for the Three Months Ended March 31
($ millions)
2026
2025
Net written premiums
$ 834
$ 842
NWP change (% year over year)
(1)
%
Net earned premiums
$ 852
$ 830
NEP change (% year over year)
3
%
Underwriting (loss) gain
$ (24)
$ 42
Loss ratio
68.7
%
61.4
%
Less: Effect of catastrophe impacts
—
—
Less: Effect of unfavorable development-related items
5.9
1.3
Underlying loss ratio
62.8
%
60.1
%
Expense ratio
33.6
%
33.4
%
Combined ratio
102.7
%
95.1
%
