CNA

It has been about a month since the last earnings report for CNA Financial (CNA). Shares have lost about 8.1% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is CNA Financial due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. CNA Q2 Earnings Beat on Improved Investment Income, Premium GrowthCNA Financial Corporation reported second-quarter 2026 core earnings of $1.19 per share, which beat the Zacks Consensus Estimate of $1.04 by 14.4%. The bottom line decreased 3.3% year over year. Revenues rose 3% year over year to $3.46 billion and surpassed the consensus estimate of $3.34 billion by 3.6%. Higher investment income and premium growth supported the top line, while the Property & Casualty combined ratio deteriorated. Property & Casualty net written premiums increased 4% year over year to $2.97 billion. Net earned premiums rose 3% to $2.66 billion, aided by 11% new business growth to a record $718 million and a 2% renewal premium change.Retention remained 83%, while the rate change was flat. Management noted that rate increases in casualty lines affected by social inflation and in Specialty offset property declines, workers’ compensation and International. P&C underwriting gain fell 39% year over year to $92 million. The combined ratio worsened 240 basis points to 96.5%, reflecting a 250-basis-point increase in the loss ratio to 66.4%.The underlying combined ratio deteriorated 250 basis points to 94.2%. The underlying loss ratio increased 260 basis points to 64.1%, while the expense ratio improved 10 basis points to 29.7%. Catastrophe losses were $60 million, down from $62 million a year earlier. Specialty net written premiums grew 5% year over year to $937 million, while net earned premiums increased 2% to $878 million. Our estimate for net written premiums was $875.8 million. Its combined ratio deteriorated 290 basis points to 96.5%, as the underlying loss ratio rose across various lines. Commercial net written premiums advanced 5% to $1.64 billion, and net earned premiums rose 3% to $1.44 billion. Our estimate for net written premiums was $1.57 billion. The combined ratio deteriorated 170 basis points to 96.5%. Higher losses in excess casualty and workers’ compensation were partly offset by a 60-basis-point improvement in the expense ratio. International net written premiums declined 2% year over year to $385 million, though net earned premiums increased 4% to $337 million. Excluding currency fluctuations, net written premiums fell 3%. Our estimate for net written premiums was $352.6 million. The segment’s combined ratio deteriorated 410 basis points to 96.9%. The expense ratio increased 200 basis points due to investments in talent and technology and higher acquisition costs, while catastrophe losses rose to $7 million from $5 million. Net investment income increased 6% year over year to $701 million. The increase was driven by higher returns on limited partnerships and common stock, as well as higher income from fixed-income securities, resulting from a larger invested asset base and favorable reinvestment rates. Our estimate for net investment income was $705.2 million. The Zacks Consensus Estimate was pegged at $705 million.Limited partnership and common stock income rose to $131 million from $100 million. Hedge funds and common stocks generated strong returns, while private equity remained a positive contributor. P&C core income nevertheless declined 5% to $426 million as lower underwriting results outweighed stronger investment income. Total claims, benefits and expenses increased 3% year over year to $3.42 billion. Insurance claims and policyholders’ benefits rose to $2.17 billion from $2.09 billion, while amortization of deferred acquisition costs increased to $481 million from $469 million. Our estimate was $3.34 billion. Life & Group posted a core loss of $10 million versus core income of $1 million a year earlier, reflecting lower investment income. Net earned premiums in Life & Group were $103 million, down 2.8% year over year. Our estimate was $102.7 million. Corporate & Other recorded a core loss of $92 million, narrower than $114 million, including a $77 million after-tax legacy mass tort charge. Net income increased 7% year over year to $321 million, or $1.18 per share. Core return on equity declined 50 basis points to 10.5%. Book value per share was $41.34 as of June 30, 2026, declining 3.7% from 2025 end. Book value excluding accumulated other comprehensive income was $45.83, up 4% from year-end after adjusting for $2.96 per share of dividends paid. As of June 30, 2026, statutory capital and surplus stood at $11.2 billion. The board declared a quarterly dividend of 48 cents per share, payable Sept. 3, 2026, to shareholders of record as of Aug. 17. In the past month, investors have witnessed a downward trend in estimates revision. Currently, CNA Financial has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. Charting a somewhat similar path, the stock has a score of B on the value side, putting it in the top 40% for this investment strategy. Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. Notably, CNA Financial has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. CNA Financial belongs to the Zacks Insurance - Property and Casualty industry. Another stock from the same industry, RLI Corp. (RLI), has gained 2.5% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. RLI Corp. reported revenues of $463.14 million in the last reported quarter, representing a year-over-year change of +4.9%. EPS of $0.83 for the same period compares with $0.84 a year ago. For the current quarter, RLI Corp. is expected to post earnings of $0.54 per share, indicating a change of -34.9% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.9% over the last 30 days. RLI Corp. has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CNA Financial Corporation (CNA) : Free Stock Analysis Report RLI Corp. (RLI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Monday, Aug. 3, 2026 at 1 p.m. ET Chairman and Chief Executive Officer - Douglas Worman Executive Vice President and Chief Financial Officer - Scott Lindquist Douglas Worman: [ The transcript was presubmitted by CNA Financial Corporation. No live call was conducted for the Q2 2026 earnings call. ] 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 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 Lindquist: 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. 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 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 Worman: 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. Before you buy stock in CNA Financial, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and CNA Financial wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $399,832!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,374,595!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 10, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool recommends CNA Financial. The Motley Fool has a disclosure policy. CNA (CNA) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Berkshire Hathaway Inc. BRK.B delivered second-quarter 2026 operating earnings of $12.9 billion, which increased 16.3% year over year. The increase was due to higher earnings in BNSF, Berkshire Hathaway Energy Company, Manufacturing, service and retailing, and Other. Berkshire Hathaway Inc. price-consensus-eps-surprise-chart | Berkshire Hathaway Inc. Quote Revenues rose 10% year over year to $101.8 billion due to an increase in revenues in Insurance and Other and Railroad, Utilities, and Energy. The metric surpassed the consensus estimate by 6.8%.Costs and expenses increased 8.4% year over year to $86 billion, largely driven by increases in Insurance and Other and in Railroad, Utilities, and Energy. Berkshire’s Insurance and Other segment revenues increased 10.1% year over year to $88.5 billion in the reported quarter due to higher Insurance premiums earned, Sales and service revenues, and Leasing revenues. Insurance underwriting produced operating earnings of $1.7 billion, which decreased 13.1% year over year.Railroad operating revenues rose 14.6% year over year to $5.9 billion, primarily due to increases in Car/unit volume of 6.5% in the second quarter.  Average revenue per car/unit increased 7.6% in the second quarter primarily from higher fuel surcharge revenues and higher yield. Pre-tax earnings increased 13.9% in the second quarter of 2026.Operating earnings from the Railroad business increased 12.7% year over year to $2.2 billion. Total revenues at Manufacturing, Service and Retailing increased 15.2% year over year to $61.5 billion. Pre-tax earnings increased 25.8% year over year to $5.8 billion.In the second quarter of 2026, after-tax earnings from manufacturing, service and retailing businesses increased 24.1% year over year. Earnings increases in industrial products manufacturing and services businesses drove the increases. Results among the numerous operations in the quarter improved, with overall earnings increases in the manufacturing and service businesses and in the retailing businesses. As of June 30, 2026, consolidated shareholders’ equity was $750.2 billion, up 4.2% from the level as of Dec. 31, 2025. At the end of the quarter, cash and cash equivalents and restricted cash were $41.3 billion, down 59.1% year over year.Berkshire exited the second quarter of 2026 with a float of about $177.5 billion, which grew $1.1 billion from Dec. 31, 2025.Cash flow from operating activities totaled $21.6 billion in the first six months of 2026, up 3.2% from the year-ago period. Berkshire Hathaway currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. CNA Financial Corporation CNA reported second-quarter 2026 core earnings of $1.19 per share, which beat the Zacks Consensus Estimate of $1.04 by 14.4%. The bottom line decreased 3.3% year over year. Revenues rose 3% year over year to $3.46 billion and surpassed the consensus estimate of $3.34 billion by 3.6%. Property & Casualty net written premiums increased 4% year over year to $2.97 billion. Net earned premiums rose 3% to $2.66 billion, aided by 11% new business growth to a record $718 million and a 2% renewal premium change. Retention remained 83%, while the rate change was flat. Management noted that rate increases in casualty lines affected by social inflation and in Specialty offset property declines, workers’ compensation and International.Arch Capital Group Ltd. ACGL reported second-quarter 2026 operating income of $2.56 per share, which beat the Zacks Consensus Estimate by 2.8%. The bottom line decreased 0.8% year over year. Revenues of $4.43 billion declined 6.9% year over year and missed the consensus mark by 3.1%. Results reflected lower earned premiums and catastrophe pressure, partly offset by higher net investment income. Gross premiums written declined 1.1% year over year to $6.13 billion. Net premiums written decreased 6.9% to $4.05 billion, reflecting lower volumes in the Insurance and Reinsurance segments. Net premiums earned fell 8.1% to $3.99 billion. Underwriting income fell 19.7% to $657 million. The combined ratio, which measures claims and expenses as a percentage of premiums, deteriorated 230 basis points to 83.5%. Selective Insurance Group, Inc. SIGI reported second-quarter 2026 operating earnings of $1.95 per share, which beat the Zacks Consensus Estimate by 13.4%. The bottom line increased 48.9% year over year. Revenues of $1.37 billion rose 4.5% from the year-ago quarter and topped the consensus estimate by 0.7%. Net premiums written declined 5% year over year to $1.22 billion due to a 6% decrease in Standard Commercial Lines, an 8% fall in Standard Personal Lines, and a 2% decline in Excess and Surplus Lines. Our estimate was $1.33 billion. Net premiums earned increased 2.3%. Direct new business fell to $206.1 million from $248.1 million. Renewal pure price increases averaged 6.5%, down from 9.9% in the prior-year quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Berkshire Hathaway Inc. (BRK.B) : Free Stock Analysis Report CNA Financial Corporation (CNA) : Free Stock Analysis Report Selective Insurance Group, Inc. (SIGI) : Free Stock Analysis Report Arch Capital Group Ltd. (ACGL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. CNA Financial (CNA) drew fresh attention after reporting second quarter 2026 results and affirming a quarterly cash dividend of $0.48 per share. This provided investors with updated information on both earnings and shareholder payouts. See our latest analysis for CNA Financial. CNA Financial’s latest quarterly update comes after a strong 90-day share price return of 19.48% and a 1-year total shareholder return of 20.09%, suggesting recent momentum has been building rather than fading. If CNA Financial’s recent move has you thinking about where else the market is rewarding investors, it could be a good moment to hunt for resilience using the 78 resilient stocks with low risk scores Bulls see CNA Financial’s recent run and steady dividend as proof the stock still offers value. Bears point to mixed six month earnings. Which side do the current valuation numbers support next? CNA Financial is trading on a P/E of 11.4x, which current data suggests is at a discount to both its own fair ratio and several comparison points. The P/E ratio compares the company’s share price with its earnings per share, so it reflects how much investors are paying today for each dollar of CNA Financial’s earnings. For an insurer with established operations and positive net income, this is a common way to benchmark how the market is pricing its earnings power. Current checks indicate CNA Financial screens as good value on this measure. The P/E of 11.4x sits below an estimated fair P/E of 12.1x. This points to room for the valuation multiple to move closer to that level if conditions support it. It also sits below the US Insurance industry average P/E of 11.8x and the peer average of 16.6x, which is a clear discount to similar companies on the same earnings yardstick. Explore the SWS fair ratio for CNA Financial Result: Price-to-Earnings of 11.4x (UNDERVALUED) However, the recent share price strength and current discount to some peers could unwind quickly if earnings momentum stalls or insurance claims reduce profitability. Find out about the key risks to this CNA Financial narrative. The P/E discussion presents CNA Financial as modestly undervalued. The SWS DCF model goes further. It estimates a future cash flow value of $85.21 per share compared with the current $52.02 price, which implies a much larger valuation gap. If the SWS DCF model is closer to the mark than the earnings multiple, then investors are not just considering a small discount. They are weighing a sizeable spread that raises a simple question: Is the market overly cautious about CNA Financial, or is the model too optimistic about future cash flows? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out CNA Financial for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 49 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. With CNA Financial showing both potential rewards and flagged risks, it may be useful to review the company promptly and examine the numbers yourself. To weigh both sides in one place, start with the 4 key rewards and 2 important warning signs. If CNA Financial has sharpened your focus on valuation and income, do not stop here. The market is full of other stocks that could better fit your goals. Spot potential bargains early and compare them with CNA Financial by scanning screener containing 19 high quality undiscovered gems that combine quality fundamentals with under-the-radar profiles. Strengthen your portfolio’s foundation by reviewing the solid balance sheet and fundamentals stocks screener (49 results) that can help support returns through different market conditions. Put income at the centre of your plan with the 8 dividend fortresses that focuses on higher yielding stocks with robust payout potential. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CNA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

CNA Financial Corporation CNA reported second-quarter 2026 core earnings of $1.19 per share, which beat the Zacks Consensus Estimate of $1.04 by 14.4%. The bottom line decreased 3.3% year over year.Revenues rose 3% year over year to $3.46 billion and surpassed the consensus estimate of $3.34 billion by 3.6%. Higher investment income and premium growth supported the top line, while the Property & Casualty combined ratio deteriorated. CNA Financial Corporation price-consensus-eps-surprise-chart | CNA Financial Corporation Quote Property & Casualty net written premiums increased 4% year over year to $2.97 billion. Net earned premiums rose 3% to $2.66 billion, aided by 11% new business growth to a record $718 million and a 2% renewal premium change.Retention remained 83%, while the rate change was flat. Management noted that rate increases in casualty lines affected by social inflation and in Specialty offset property declines, workers’ compensation and International. P&C underwriting gain fell 39% year over year to $92 million. The combined ratio worsened 240 basis points to 96.5%, reflecting a 250-basis-point increase in the loss ratio to 66.4%.The underlying combined ratio deteriorated 250 basis points to 94.2%. The underlying loss ratio increased 260 basis points to 64.1%, while the expense ratio improved 10 basis points to 29.7%. Catastrophe losses were $60 million, down from $62 million a year earlier. Specialty net written premiums grew 5% year over year to $937 million, while net earned premiums increased 2% to $878 million. Our estimate for net written premiums was $875.8 million. Its combined ratio deteriorated 290 basis points to 96.5%, as the underlying loss ratio rose across various lines. Commercial net written premiums advanced 5% to $1.64 billion, and net earned premiums rose 3% to $1.44 billion. Our estimate for net written premiums was $1.57 billion. The combined ratio deteriorated 170 basis points to 96.5%. Higher losses in excess casualty and workers’ compensation were partly offset by a 60-basis-point improvement in the expense ratio. International net written premiums declined 2% year over year to $385 million, though net earned premiums increased 4% to $337 million. Excluding currency fluctuations, net written premiums fell 3%. Our estimate for net written premiums was $352.6 million. The segment’s combined ratio deteriorated 410 basis points to 96.9%. The expense ratio increased 200 basis points due to investments in talent and technology and higher acquisition costs, while catastrophe losses rose to $7 million from $5 million. Net investment income increased 6% year over year to $701 million. The increase was driven by higher returns on limited partnerships and common stock, as well as higher income from fixed-income securities, resulting from a larger invested asset base and favorable reinvestment rates. Our estimate for net investment income was $705.2 million. The Zacks Consensus Estimate was pegged at $705 million.Limited partnership and common stock income rose to $131 million from $100 million. Hedge funds and common stocks generated strong returns, while private equity remained a positive contributor. P&C core income nevertheless declined 5% to $426 million as lower underwriting results outweighed stronger investment income. Total claims, benefits and expenses increased 3% year over year to $3.42 billion. Insurance claims and policyholders’ benefits rose to $2.17 billion from $2.09 billion, while amortization of deferred acquisition costs increased to $481 million from $469 million. Our estimate was $3.34 billion.Life & Group posted a core loss of $10 million versus core income of $1 million a year earlier, reflecting lower investment income. Net earned premiums in Life & Group were $103 million, down 2.8% year over year. Our estimate was $102.7 million. Corporate & Other recorded a core loss of $92 million, narrower than $114 million, including a $77 million after-tax legacy mass tort charge. Net income increased 7% year over year to $321 million, or $1.18 per share. Core return on equity declined 50 basis points to 10.5%.Book value per share was $41.34 as of June 30, 2026, declining 3.7% from 2025 end. Book value excluding accumulated other comprehensive income was $45.83, up 4% from year-end after adjusting for $2.96 per share of dividends paid.As of June 30, 2026, statutory capital and surplus stood at $11.2 billion. The board declared a quarterly dividend of 48 cents per share, payable Sept. 3, 2026, to shareholders of record as of Aug. 17. CNA Financial currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Arch Capital Group Ltd. ACGL reported second-quarter 2026 operating income of $2.56 per share, which beat the Zacks Consensus Estimate by 2.8%. The bottom line decreased 0.8% year over year. Revenues of $4.43 billion declined 6.9% year over year and missed the consensus mark by 3.1%. Results reflected lower earned premiums and catastrophe pressure, partly offset by higher net investment income. Gross premiums written declined 1.1% year over year to $6.13 billion. Net premiums written decreased 6.9% to $4.05 billion, reflecting lower volumes in the Insurance and Reinsurance segments. Net premiums earned fell 8.1% to $3.99 billion. Underwriting income fell 19.7% to $657 million. The combined ratio, which measures claims and expenses as a percentage of premiums, deteriorated 230 basis points to 83.5%. Selective Insurance Group, Inc. SIGI reported second-quarter 2026 operating earnings of $1.95 per share, which beat the Zacks Consensus Estimate by 13.4%. The bottom line increased 48.9% year over year. Revenues of $1.37 billion rose 4.5% from the year-ago quarter and topped the consensus estimate by 0.7%. Net premiums written declined 5% year over year to $1.22 billion due to a 6% decrease in Standard Commercial Lines, an 8% fall in Standard Personal Lines, and a 2% decline in Excess and Surplus Lines. Our estimate was $1.33 billion. Net premiums earned increased 2.3%. Direct new business fell to $206.1 million from $248.1 million. Renewal pure price increases averaged 6.5%, down from 9.9% in the prior-year quarter.AXIS Capital Holdings Limited AXS reported second-quarter 2026 operating income of $2.84 per share, which missed the Zacks Consensus Estimate of $3.23 and fell 12.1% year over year. Total operating revenues of $1.7 billion marginally missed the Zacks Consensus Estimate by 1%. The top line rose 7.4% year over year on higher premiums earned.Net premiums written decreased 1.8% to $1.6 billion, reflecting lower premiums in the Reinsurance segment, partially offset by growth in the Insurance segment. Net investment income decreased 3% year over year to $181.6 million, due to lower income from alternative investments and cash. The Zacks Consensus Estimate was pegged at $208.7 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CNA Financial Corporation (CNA) : Free Stock Analysis Report Axis Capital Holdings Limited (AXS) : Free Stock Analysis Report Selective Insurance Group, Inc. (SIGI) : Free Stock Analysis Report Arch Capital Group Ltd. (ACGL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management maintained a conservative underlying loss ratio of 64.1%, choosing to sustain higher loss picks established in the previous quarter to account for social inflation and casualty class maturity. The company is deliberately walking away from business where price and terms are inadequate, evidenced by a 50% decline in national accounts property new business due to undisciplined market behavior. Growth is being targeted in specialized areas like data centers and hyperscale projects, while the company continues to optimize the commercial auto portfolio through double-digit rate increases and reduced exposure. Net investment income rose 6% to $701 million, driven by strong performance in hedge funds and common stocks alongside favorable reinvestment rates in the fixed income portfolio. The expense ratio was held below 30% despite ongoing investments in talent and the integration of AI solutions into core employee workflows to drive efficiency. Core income was tempered by a $77 million after-tax charge in the Corporate segment, stemming from a comprehensive review of legacy mass tort abuse claims and social inflation impacts. Management expects a full-year 2026 expense ratio run-rate of approximately 30%, balancing operational discipline with continued technology investments. Fixed income and other investment income is projected to reach approximately $575 million in the third quarter and $2,300 million for the full year 2026. The company intends to remain disciplined in casualty assumptions, stating they will only recognize beneficial impacts of strategic underwriting actions once they become more evident in mature data. Annual assumption updates for the Life & Group segment are scheduled for the third quarter, with an asbestos and environmental reserve review planned for the fourth quarter. Life & Group fixed income duration was opportunistically increased to 10.0 years to match the duration of future policy benefit reserves at yields exceeding long-term assumptions. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Social inflation remains a persistent headwind, impacting both legacy mass tort reserves and current casualty line rate requirements. Catastrophe impacts of $60 million (2.3 points on the combined ratio) were primarily driven by severe convective storm activity, consistent with the prior year. International markets showed signs of high competition, with rates down 5% and a International net written premium declined 2% in the quarter, or 3% excluding currency fluctuations.. The Corporate segment loss included a $13 million after-tax increase related to the amortization of the deferred gain from the asbestos & environmental pollution loss portfolio transfer.

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. CHICAGO, Aug. 3, 2026 /PRNewswire/ -- 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. "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 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. 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. 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. 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. Core results decreased $11 million for the second quarter of 2026 as compared with the prior year quarter, reflecting lower net investment income. 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 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. 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. 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. 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. 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. 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. 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. 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. 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. View original content to download multimedia:https://www.prnewswire.com/news-releases/cna-financial-announces-second-quarter-2026-net-income-of-1-18-per-share-and-core-income-of-1-19-per-share-302840379.html

CNA Financial (CNA) came out with quarterly earnings of $1.19 per share, beating the Zacks Consensus Estimate of $1.04 per share. This compares to earnings of $1.23 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +14.42%. A quarter ago, it was expected that this insurance holding company would post earnings of $1.49 per share when it actually produced earnings of $0.83, delivering a surprise of -44.3%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. CNA Financial, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $3.47 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.65%. This compares to year-ago revenues of $3.37 billion. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. CNA Financial shares have added about 9.9% since the beginning of the year versus the S&P 500's gain of 9.4%. While CNA Financial has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for CNA Financial was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.21 on $3.54 billion in revenues for the coming quarter and $4.09 on $13.8 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Property and Casualty is currently in the bottom 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, American Integrity Insurance (AII), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11. This company is expected to post quarterly earnings of $0.81 per share in its upcoming report, which represents a year-over-year change of -56%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. American Integrity Insurance's revenues are expected to be $93.5 million, up 26.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CNA Financial Corporation (CNA) : Free Stock Analysis Report American Integrity Insurance Group, Inc. (AII) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

NEW YORK, Aug. 3, 2026 /PRNewswire/ -- Loews Corporation (NYSE: L) today released its second quarter 2026 financial results. Second Quarter 2026 highlights: Loews Corporation reported net income of $444 million, or $2.16 per share, in the second quarter of 2026, compared to $391 million, or $1.87 per share, in the second quarter of 2025. The following are key highlights of our second quarter results: CNA Financial Corporation's (NYSE: CNA) net income attributable to Loews Corporation increased year-over-year primarily due to higher net investment income and lower investment losses, partially offset by lower underlying underwriting results. Boardwalk Pipelines' net income increased year-over-year primarily due to higher contracting rates on gas transportation and higher product sales, partially offset by higher operating expenses. Loews Hotels' net income increased year-over-year primarily due to higher average daily rates and occupied room nights across most of its portfolio. Corporate segment net income was essentially unchanged year-over-year. Book value per share increased to $93.52 as of June 30, 2026, from $90.71 as of December 31, 2025. Book value per share, excluding AOCI, increased to $99.27 as of June 30, 2026, from $95.89 as of December 31, 2025. On June 30, 2026, the parent company had $4.4 billion of cash and investments and $1.8 billion of debt. Loews Corporation repurchased 1.4 million shares of its common stock during the second quarter of 2026 for a total cost of $146 million. Consolidated highlights: Three months ended June 30, 2026 compared to 2025 CNA: Net income attributable to Loews Corporation increased to $294 million compared to $274 million. Core income decreased to $324 million compared to $335 million primarily driven by lower underlying underwriting results, partially offset by higher net investment income. Net earned premiums grew by 3% and net written premiums grew by 4% for CNA's Property and Casualty business. Property and Casualty's combined ratio increased by 2.4 points to 96.5% compared to 94.1% largely due to a higher underlying loss ratio. Property and Casualty's underlying combined ratio increased to 94.2% from 91.7%. Property and Casualty's underlying loss ratio of 64.1% was consistent with the first quarter of 2026, but increased by 2.6 points compared to the prior year second quarter, mainly driven by higher loss cost trends and lower-than-expected rate in certain lines in recent quarters. Net investment income increased due to 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. Investment losses decreased due to lower losses on disposals of fixed maturity securities. Boardwalk: Net income increased to $100 million compared to $88 million. EBITDA increased to $279 million compared to $274 million. Net income and EBITDA improved primarily due to an increase in gas transportation revenues from higher contracting rates and recently completed growth projects, as well as higher product sales, partially offset by higher operating expenses. Loews Hotels: Net income increased 71% to $48 million compared to $28 million. Adjusted EBITDA increased 26% to $137 million compared to $109 million. Net income and adjusted EBITDA improved primarily due to higher average daily rates and occupied room nights across most of its portfolio, particularly at the Universal Orlando Resort properties and the Miami Beach Hotel post renovation. Corporate: Net income of $2 million compared to $1 million. Six months ended June 30, 2026 compared to 2025 Loews Corporation reported net income of $781 million, or $3.79 per share, compared to $761 million, or $3.61 per share, in 2025. The following are key highlights: CNA's net income attributable to Loews Corporation decreased primarily due to lower underlying underwriting results, partially offset by higher net investment income and lower investment losses. Property and Casualty's combined ratio increased by 3.1 points to 99.4% compared to 96.3% largely due to a higher underlying loss ratio and unfavorable net prior year loss reserve development. Property and Casualty's underlying combined ratio was 94.5% compared to 92.0%. Property and Casualty's underlying loss ratio increased by 2.6 points, mainly driven by higher loss cost trends and lower-than-expected rate in certain lines in recent quarters. CNA's net investment income increased due to 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. Boardwalk's net income improved primarily due to an increase in gas transportation revenues from higher contracting rates and higher utilization-based and growth project revenues, as well as higher storage and parking and lending revenues, partially offset by higher operating expenses. Loews Hotels' net income improved primarily due to higher equity income from joint ventures, driven by growth in the overall average daily rate and an increase in the number of occupied room nights at the Universal Orlando Resort properties. Corporate segment results declined year-over-year primarily driven by higher interest expense related to a recent debt refinancing. Share Purchases: On June 30, 2026, there were 204.4 million shares of Loews common stock outstanding. During the three months ended June 30, 2026, Loews Corporation repurchased 1.4 million shares of its common stock for a total cost of $146 million. Depending on market conditions, Loews may from time to time purchase shares of its and its subsidiaries' outstanding common stock in the open market (including, with respect to Loews common stock, in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise. Reconciliation of GAAP Measures to Non-GAAP Measures This news release contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries' financial performance. CNA utilizes core income, underlying loss ratio and underlying combined ratio. Boardwalk utilizes earnings before interest, income tax expense, depreciation and amortization ("EBITDA"), and Loews Hotels utilizes Adjusted EBITDA. These non-GAAP measures are defined and reconciled to the most comparable GAAP measures on pages 6 through 8 of this release. Earnings Remarks For Loews Corporation Today, August 3, 2026, earnings remarks will be available on the Investors section of our website at www.loews.com. Remarks will include commentary from Loews's president and chief executive officer and chief financial officer. For CNA Today, August 3, 2026, earnings remarks will be available on the Investor Relations section of CNA's website at www.cna.com. Remarks will include commentary from CNA's president and chief executive officer and chief financial officer. About Loews Corporation Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. For more information, please visit www.loews.com. Forward-Looking Statements Statements contained in this news release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by the Company. A discussion of the important risk factors and other considerations that could materially impact these matters, as well as the Company's overall business and financial performance, can be found in the Company's reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this news release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based. Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures: CNA Financial Corporation Core income is calculated by excluding from CNA's net income attributable to Loews Corporation the after-tax effects of investment gains or losses and gains or losses resulting from pension settlement transactions. In addition, core income excludes the effects of noncontrolling interests. The calculation of core income excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA's primary insurance operations. The calculation of core income excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA's defined benefit pension plans which are unrelated to its primary insurance operations. The following table presents a reconciliation of CNA net income attributable to Loews Corporation to core income: In evaluating the results of Property & Casualty operations, CNA utilizes 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 GAAP financial results. 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 includes 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 CNA's 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 current year underwriting performance. The following table presents a reconciliation of CNA's loss ratio to underlying loss ratio and CNA's combined ratio to underlying combined ratio: Boardwalk Pipelines EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization. The following table presents a reconciliation of Boardwalk's net income attributable to Loews Corporation to its EBITDA: Loews Hotels & Co Adjusted EBITDA is calculated by excluding from Loews Hotels & Co's EBITDA, the noncontrolling interest share of EBITDA adjustments, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including Loews Hotels & Co's pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying Loews Hotels & Co's ownership percentage to the underlying equity method investment's components of Adjusted EBITDA and excluding distributions in excess of basis. The following table presents a reconciliation of Loews Hotels & Co net income attributable to Loews Corporation to its Adjusted EBITDA: The following table presents a reconciliation of Loews Hotels & Co's equity method income to the Pro rata Adjusted EBITDA of its equity method investments: View original content:https://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-444-million-for-the-second-quarter-of-2026-302840097.html

CNA Financial Corporation (NYSE:CNA) reported second-quarter results on Monday that exceeded Wall Street expectations for both earnings and revenue, although the insurer’s shares were little changed in pre-market trading. Adjusted earnings came in at $1.19 per share, surpassing the consensus forecast of $1.01 by 18%. Quarterly revenue totaled $4.73 billion, comfortably ahead of analysts’ expectations of $2.97 billion, representing a 59% positive surprise. Net income increased to $321 million, or $1.18 per diluted share, compared with $299 million, or $1.10 per share, in the same quarter last year. Core income was $324 million, or $1.19 per share, versus $335 million, or $1.23 per share, in the second quarter of 2025. CNA’s Property & Casualty operations generated core income of $426 million during the quarter, a decrease of $22 million from a year earlier. The decline reflected softer underlying underwriting performance, although stronger net investment income helped offset part of the impact. Net written premiums increased 4%, supported by record new business production of $718 million, up 11% year over year, while renewal premium pricing improved by 2%. Chairman and Chief Executive Officer Douglas M. Worman said the company continued to deliver solid operating performance. “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,” said Douglas M. Worman, Chairman & Chief Executive Officer. The Property & Casualty combined ratio rose to 96.5% from 94.1% in the prior-year quarter, including a 2.3-point impact from catastrophe losses. The underlying combined ratio increased to 94.2% from 91.7%, while the underlying loss ratio reached 64.1%. Net investment income climbed by $39 million to $701 million, supported by stronger returns from limited partnerships and common stock investments, together with higher income generated from the fixed-income portfolio. The Life & Group segment reported a core loss of $10 million, compared with core income of $1 million in the prior-year period. Meanwhile, the Corporate & Other division posted a core loss of $92 million, improving from a loss of $114 million a year earlier. The latest quarter included a $77 million after-tax charge related to legacy mass tort claims. Book value per share, excluding accumulated other comprehensive income (AOCI), increased 4% from the end of 2025 to $45.83 after adjusting for dividends totaling $2.96 per share. CNA also announced a quarterly cash dividend of $0.48 per share, which is scheduled to be paid on September 3, 2026. CNA Financial Corporation stock price