How did CNA Financial (NYSE:CNA) perform in Q1 2026?

CNA Financial reported Q1 2026 net income of $211 million, or $0.78 per share, a decline from $274 million in Q1 2025. Core income also decreased to $225 million, or $0.83 per share, down from $281 million in the prior year. The decline was primarily driven by underwriting pressures in the Property & Casualty (P&C) segment.

What was the primary driver of CNA Financial's income decline in Q1 2026?

The main driver of CNA’s income decline in Q1 2026 was the performance of its Property & Casualty (P&C) segment. The segment’s core income fell to $248 million, and the combined ratio for P&C was 102.2%, indicating that claims and expenses exceeded premium income for the quarter.

How did CNA Financial's P&C combined ratio impact its Q1 2026 results?

CNA’s P&C combined ratio of 102.2% in Q1 2026 indicates that the company’s claims and expenses exceeded its premium income. While this reflects underwriting pressure, the company reported an underlying combined ratio of 94.5%, excluding catastrophes and prior-year developments, suggesting that core underwriting remains profitable under normalized conditions.

How did CNA Financial’s net written premiums perform in Q1 2026?

CNA Financial saw modest growth in net written premiums, which increased by 1% compared to Q1 2025. Despite underwriting pressures, the company’s top line showed some growth, reflecting stability in its core business segments.

What is the status of CNA Financial’s balance sheet in Q1 2026?

CNA Financial’s balance sheet remained stable in Q1 2026, with a book value per share of $40.13. Excluding accumulated other comprehensive income (AOCI), the book value per share stood at $45.12, indicating a solid capital base despite the challenges in underwriting performance.

CNA Financial navigates challenging Q1 as underwriting performance impacts bottom line

Written by Liezl GambePublished May. 4 2026Last Updated May. 4 2026

CNA Financial (NYSE:CNA) today announced its financial results for the first quarter of 2026, reflecting a period of increased underwriting pressure.

The insurer reported a net income of $211 million, or $0.78 per share, down from $274 million in the first quarter of 2025.

Core income followed a similar trend, totaling $225 million, or $0.83 per share, compared to $281 million in the prior-year period.

The primary driver of the year-over-year decline was the performance within the Property & Casualty (P&C) segment.

CNA’s P&C core income was $248 million, impacted by a combined ratio of 102.2%.

A combined ratio above 100% indicates that the company's claim costs and expenses exceeded its premium income for the quarter.

However, the company noted an underlying combined ratio of 94.5%, which excludes the impact of catastrophes and prior-year development, suggesting that core underwriting remains profitable under normalized conditions.

Despite the headwinds in underwriting margins, CNA continues to see modest growth in its top line. Net written premiums grew 1% compared to the same period last year.

The company’s balance sheet remained stable, with a book value per share of $40.13.

Excluding accumulated other comprehensive income (AOCI), book value per share stood at $45.12.

In a sign of continued commitment to capital returns, the Board of Directors declared a regular quarterly cash dividend of $0.48 per share.

The dividend is payable on June 4, 2026, to stockholders of record as of May 18, 2026.