Jun 2026 (Q2 FY26) — Aug 3, 2026
CNA Financial Q2 FY26 — Strong Underwriting and Investment Income Despite Legacy Charges
Read the full callCNA Financial (CNA) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
CNA Financial earnings: last reported Mon, 3 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,829 | +3.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 321 | +7.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
7 of 7 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Income from fixed income and other investments | about $575 million | Mar 2026 | Fixed income and other investments generated $570 million of income, up modestly compared with the prior year quarter. | Achieved |
| Effective tax rate on core income | around 21.1% | Mar 2026 | The effective tax rate on core income for the quarter was 20.9%, consistent with our expectations for the full year. | On Track |
14 of CNA FINANCIAL CORP's 21 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 19 more targets are in the full ledger.
Claimed
- Net written premium grew 4% year-over-year, with new business up 11% to $718 million.
- Net investment income increased 6% to $701 million compared to the prior year quarter.
- P&C expense ratio remained below 30% at 29.7%, reflecting operating discipline.
- Core income was $324 million, resulting in a core return on equity of 10.5%.
Qualified
- Core income was impacted by $77 million after-tax unfavorable development in the Corporate segment related to legacy mass tort claims.
- P&C underlying loss ratio increased 2.6 points year-over-year to 64.1%.
- Commercial auto retention was 79%, marking the fifth consecutive quarter below 80%.
- International net written premium declined 2% (3% excluding currency fluctuation) due to a competitive environment.
- Life & Group segment produced a core loss of $10 million, compared to a core income of $1 million in the prior year quarter.
Price
$47.83 −0.15% · −$0.07
Performance +5.1% 1Y
1Y: $45.52 on 17 Oct 2025 → $47.83. High $55.31 (28 Jul 2026), low $41.9 (1 Jun 2026).
- Previous close
- $47.9
- 52-week range
- $41.9 – $55.31
- One year
- +4.94%
Overview
- Symbol
- CNA
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
7 of 7 judged targets kept · 14 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Income from fixed income and other investments | about $575 million | Mar 2026 | Fixed income and other investments generated $570 million of income, up modestly compared with the prior year quarter. | Achieved |
| Effective tax rate on core income | around 21.1% | Mar 2026 | The effective tax rate on core income for the quarter was 20.9%, consistent with our expectations for the full year. | On Track |
Claimed
- Net written premium grew 4% year-over-year, with new business up 11% to $718 million.
- Net investment income increased 6% to $701 million compared to the prior year quarter.
- P&C expense ratio remained below 30% at 29.7%, reflecting operating discipline.
- Core income was $324 million, resulting in a core return on equity of 10.5%.
Qualified
- Core income was impacted by $77 million after-tax unfavorable development in the Corporate segment related to legacy mass tort claims.
- P&C underlying loss ratio increased 2.6 points year-over-year to 64.1%.
- Commercial auto retention was 79%, marking the fifth consecutive quarter below 80%.
- International net written premium declined 2% (3% excluding currency fluctuation) due to a competitive environment.
- Life & Group segment produced a core loss of $10 million, compared to a core income of $1 million in the prior year quarter.
The full ledger
Open CNA FINANCIAL CORP’s full ledger
A free account opens 5 company ledgers a month. All 21 tracked commitments, with each call’s wording and source.
Call summaries
Every analysed call
CNA Financial earnings calls (CNA)
Financials
What the filings say
Net profit, year on year: +7% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,618 | 3,689 | 3,627 | 3,717 | 3,817 | 3,828 | 3,677 | 3,829 |
| Interest | 32 | 32 | 32 | 31 | 36 | 36 | 33 | 33 |
| Profit before tax | 361 | 21 | 349 | 380 | 513 | 378 | 267 | 405 |
| Tax rate | 21.6% | 0.0% | 21.5% | 21.3% | 21.4% | 20.1% | 21.0% | 20.7% |
| Net profit | 283 | 21 | 274 | 299 | 403 | 302 | 211 | 321 |
| EPS ($ per share) | 1.04 | — | 1.01 | 1.10 | 1.49 | — | 0.78 | 1.18 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 683 | 683 | 683 | 683 | 683 | 683 | 683 | 683 |
| Reserves | 9,277 | 9,348 | 9,081 | 9,663 | 9,336 | 9,755 | 9,686 | 9,915 |
| Total liabilities | 45,935 | 48,397 | 51,319 | 53,830 | 52,452 | 54,818 | 55,979 | 57,822 |
| Fixed assets | 324 | 282 | 252 | 226 | 226 | 253 | 295 | 282 |
| Investments | 1,286 | 1,861 | — | — | — | — | — | — |
| Total assets | 57,152 | 60,612 | 64,026 | 66,639 | 61,000 | 64,711 | 66,492 | 69,443 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,227 | 1,140 | 1,775 | 1,997 | 2,502 | 2,285 | 2,571 | 2,490 |
| Cash from investing | -177 | -225 | -705 | -1,228 | -1,512 | -1,843 | -1,317 | -1,449 |
| Cash from financing | -1,085 | -988 | -902 | -648 | -1,032 | -577 | -1,117 | -1,104 |
| Net cash flow | -45 | -68 | 177 | 117 | -61 | -130 | 127 | -47 |
| Capital expenditure | -99 | -26 | -23 | -26 | -52 | -90 | -95 | -86 |
| Free cash flow | 1,128 | 1,114 | 1,752 | 1,971 | 2,450 | 2,195 | 2,476 | 2,404 |
CNA revenue by segment
Commercial grew from 41% to 44% of revenue over the last two years.
| Segment | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 | Q4 FY2025 | Q4 FY2025 | Q3 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Commercial | 41% | 42% | 43% | 43% | 44% | 43% | 44% | 44% | +4.8% |
| Specialty | 39% | 39% | 39% | 38% | 38% | 38% | 37% | 37% | -0.9% |
| International | 10% | 9% | 10% | 9% | 10% | 10% | 10% | 10% | +5.2% |
| Life and Group Non Core | 10% | 10% | 9% | 9% | 9% | 9% | 9% | 9% | -2.6% |
| Corporate and Other | 1% | <1% | <1% | 1% | <1% | <1% | <1% | <1% | -18.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
25 filings between Nov 3, 2025 and Aug 4, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$2.67M
6 sales by 4 insiders
50% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 9
- Award — granted as compensation
- 9
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Franzetti Daniel Paul | — | $1.20M | Aug 4, 2026 |
| Robusto Dino | — | $873.9K | Jan 2, 2026 |
| James Mark Steven | — | $439.7K | Aug 4, 2026 |
| Neuenschwander Jeffrey John | — | $151.1K | Mar 19, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 4, 2026 | James Mark Steven EVP, Chief Risk & Rein Off | Sale | 8,273 | $439.7K |
| Aug 4, 2026 | Franzetti Daniel Paul EVP & CAO | Sale | 22,656 | $1.20M |
| Mar 19, 2026 | Neuenschwander Jeffrey John SVP & General Counsel | Sale | 3,287 | $151.1K |
| Mar 15, 2026 | Worman Douglas Chairman and CEO | Award | 106,075 | $0 |
| Mar 15, 2026 | Worman Douglas Chairman and CEO | Tax withheld | 37,062 | $1.74M |
| Mar 15, 2026 | Aguinaga Elizabeth Ann EVP, Chief HR Officer | Award | 19,888 | $0 |
| Mar 15, 2026 | Aguinaga Elizabeth Ann EVP, Chief HR Officer | Tax withheld | 11,512 | $541.4K |
| Mar 15, 2026 | Hopper Robert Joseph EVP & Chief Actuary | Award | 19,888 | $0 |
| Mar 15, 2026 | Hopper Robert Joseph EVP & Chief Actuary | Tax withheld | 12,758 | $600.0K |
| Mar 15, 2026 | Franzetti Daniel Paul EVP & CAO | Award | 33,094 | $0 |
| Mar 15, 2026 | Franzetti Daniel Paul EVP & CAO | Tax withheld | 18,018 | $847.4K |
| Mar 15, 2026 | Smith Amy Marie SVP & Chief Accounting Officer | Award | 4,773 | $0 |
| Mar 15, 2026 | Smith Amy Marie SVP & Chief Accounting Officer | Tax withheld | 1,787 | $84.0K |
| Mar 15, 2026 | James Mark Steven EVP, Chief Risk & Rein Off | Award | 14,451 | $0 |
| Mar 15, 2026 | Possell Jane Elizabeth EVP & CIO | Award | 19,888 | $0 |
| Mar 15, 2026 | Possell Jane Elizabeth EVP & CIO | Tax withheld | 7,006 | $329.5K |
| Mar 15, 2026 | Neuenschwander Jeffrey John SVP & General Counsel | Award | 3,540 | $0 |
| Mar 15, 2026 | Neuenschwander Jeffrey John SVP & General Counsel | Tax withheld | 1,361 | $64.0K |
| Mar 15, 2026 | James Mark Steven EVP, Chief Risk & Rein Off | Tax withheld | 6,791 | $319.4K |
| Mar 15, 2026 | LINDQUIST SCOTT R EVP & CFO | Award | 37,232 | $0 |
| Mar 15, 2026 | LINDQUIST SCOTT R EVP & CFO | Tax withheld | 18,603 | $874.9K |
| Jan 2, 2026 | Robusto Dino Executive Chairman | Sale 10b5-1 plan | 6,250 | $297.6K |
| Dec 1, 2025 | Robusto Dino Executive Chairman | Sale 10b5-1 plan | 6,250 | $293.3K |
| Nov 12, 2025 | Smith Amy Marie SVP & Chief Accounting Officer | Gift | 900 | $0 |
| Nov 3, 2025 | Robusto Dino Executive Chairman | Sale 10b5-1 plan | 6,250 | $283.0K |
| Oct 1, 2025 | Robusto Dino Executive Chairman | Sale 10b5-1 plan | 6,250 | $289.1K |
| Sep 4, 2025 | LINDQUIST SCOTT R EVP & CFO | Sale | 8,380 | $410.5K |
| Sep 3, 2025 | LINDQUIST SCOTT R EVP & CFO | Sale | 10,000 | $488.1K |
| Sep 2, 2025 | Robusto Dino Executive Chairman | Sale 10b5-1 plan | 6,250 | $306.3K |
| Aug 4, 2025 | Robusto Dino Executive Chairman | Sale 10b5-1 plan | 6,250 | $281.3K |
| Jul 31, 2025 | Stone Susan Ann EVP & General Counsel | Tax withheld | 13,614 | $602.6K |
| Jul 31, 2025 | Stone Susan Ann EVP & General Counsel | Tax withheld | 10,834 | $479.5K |
| Jul 1, 2025 | Robusto Dino Executive Chairman | Sale 10b5-1 plan | 6,250 | $290.0K |
| Jun 2, 2025 | Robusto Dino Executive Chairman | Sale 10b5-1 plan | 6,250 | $297.7K |
| May 20, 2025 | James Mark Steven EVP, Chief Risk & Rein Off | Sale | 5,015 | $242.5K |
| May 1, 2025 | Robusto Dino Executive Chairman | Sale 10b5-1 plan | 6,250 | $297.6K |
| Apr 1, 2025 | Robusto Dino Executive Chairman | Sale 10b5-1 plan | 6,250 | $319.1K |
| Mar 17, 2025 | Robusto Dino Executive Chairman | Sale 10b5-1 plan | 6,250 | $305.4K |
| Mar 17, 2025 | Franzetti Daniel Paul EVP & CAO | Sale | 12,991 | $637.3K |
| Mar 15, 2025 | Stone Susan Ann EVP & General Counsel | Tax withheld | 10,808 | $524.7K |
| Mar 15, 2025 | Smith Amy Marie SVP & Chief Accounting Officer | Award | 4,949 | $0 |
| Mar 15, 2025 | Smith Amy Marie SVP & Chief Accounting Officer | Tax withheld | 1,366 | $66.3K |
| Mar 15, 2025 | Aguinaga Elizabeth Ann EVP, Chief HR Officer | Award | 20,962 | $0 |
| Mar 15, 2025 | LINDQUIST SCOTT R EVP & CFO | Award | 39,305 | $0 |
| Mar 15, 2025 | LINDQUIST SCOTT R EVP & CFO | Tax withheld | 14,272 | $692.9K |
| Mar 15, 2025 | James Mark Steven EVP, Chief Risk & Rein Off | Award | 11,995 | $0 |
| Mar 15, 2025 | James Mark Steven EVP, Chief Risk & Rein Off | Tax withheld | 2,838 | $137.8K |
| Mar 15, 2025 | Worman Douglas President & CEO | Award | 66,383 | $0 |
| Mar 15, 2025 | Worman Douglas President & CEO | Tax withheld | 29,424 | $1.43M |
| Mar 15, 2025 | Franzetti Daniel Paul EVP & CAO | Award | 34,938 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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